10 Firms Post Strong Gains Amid Wall Street Bloodbath

3. Enovix Corp. (NASDAQ:ENVX)

Shares of Enovix Corp. increased by 15.01 percent or $1.87 on Tuesday to end at $14.33 apiece after securing a significant pre-paid purchase order from a leading AI and immersive technology company for custom battery solutions designed for Mixed Reality (MR) wearables. The batteries are expected to power next-generation head-worn devices, including smart glasses and augmented reality products.

According to Enovix, initial shipments are scheduled for mid-2025, with production taking place at the company’s Fab2 facility in Penang, Malaysia.

The agreement adds a substantial contracted backlog to Fab2’s production pipeline. Enovix’s 3D silicon anode technology was chosen for its high energy density, compact form factor, and performance capabilities essential for MR applications.