The stock market ended the trading week in the green territory with all major indices recording gains as investors digested latest US jobs data which fell short of expectations.
The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.
Ten companies across mixed sectors also mirrored a broader market optimism, booking modest gains during the end of the trading week. In this article, we have named the 10 top performers on Friday and detailed the reasons behind their performance.
To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
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10. CleanSpark Inc. (NASDAQ:CLSK)
CleanSpark grew its share prices on Friday by 8.34 percent to close at $8.83 apiece as investor sentiment was boosted by the recently concluded cryptocurrency summit at the White House where President Donald Trump and industry stakeholders sat down to firm up plans for a cryptocurrency reserve.
Meanwhile, buying appetite was further boosted after an investment bank assigned a “buy” rating on CLSK and other Bitcoin mining firms such as BTDR, IREN, CIFR, HUT, and HIVE.
According to HC Wainwright analyst Mike Colonnese, the recent selloff in Bitcoin mining firms created a “very attractive buying opportunity,” albeit macroeconomic factors will continue to be the primary drivers for the performance of digital assets over the short-term period.
Last week, CLSK announced that it increased the number of mined Bitcoins for February by 624 to push its total holdings to 11,177.
9. Broadcom Inc. (NASDAQ:AVGO)
Broadcom Inc. ended firmer on Friday, adding 8.64 percent at $194.96 apiece as investors cheered its stellar performance for the first quarter of fiscal year 2025 that further fueled hopes of a huge demand from Artificial Intelligence.
In a statement, AVGO said net income in the quarter jumped by 315 percent to $5.5 billion from $1.3 billion in the same period a year earlier, as net revenues grew 25 percent to $14.9 billion from $11.96 billion year-on-year on the back of a strong performance in both AI semiconductor solutions and infrastructure software.
AI revenues alone expanded by 77 percent year-on-year to $4.1 billion, while infrastructure software revenues increased by 47 percent to $6.7 billion.
“We expect continued strength in AI semiconductor revenue of $4.4 billion in [the second quarter], as hyperscale partners continue to invest in AI XPUs and connectivity solutions for AI data centers,” said AVGO President and CEO Hock Tan.
