The stock market bounced back on Tuesday, erasing losses in the previous day, as investors snapped up shares on news that the US-China trade tensions could possibly subside.
The Dow Jones rallied by 2.66 percent, the S&P 500 rose by 2.51 percent, and the Nasdaq surged by 2.71 percent.
On Tuesday, news reports said that US Treasury Secretary Scott Bessent believed there would be a de-escalation between the US and China, describing future negotiations as a slog that has not started yet. The news buoyed trading in several financial markets, including cryptocurrency, with Bitcoin jumping 5 percent to trade above the $91,000 level.
The rally spilled over into 10 companies, predominantly Bitcoin miners. In this article, we have listed the 10 top-performing firms on Tuesday and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with more than $1 billion in market capitalization and $5 million in trading volume.
Photo by Markus Winkler on Pexels
10. First Solar Inc (NASDAQ:FSLR)
First Solar Inc. saw its share prices jump by 10.53 percent on Tuesday to close at $135.35 apiece as investors gobbled up shares in solar stocks following President Donald Trump’s announcement that he would slap a whopping 3,521 percent tariff on solar panel imports.
FSLR traded higher in line with its US-based counterparts as hefty taxes on imports could result in lower prices and reduced competition for local manufacturers.
Trump’s imposition of taxes stemmed from a year-long trade case filed by none other than FSLR, Korean firm Hanwha Qcells, as well as several smaller solar panel makers in the US which accused Chinese firms with factories in Malaysia, Cambodia, Vietnam, and Thailand of shipping panels priced below their cost of production, owing to unfair state subsidies.
However, advocacy groups have raised concerns about the impact of tariffs on local manufacturers, saying that it would harm domestic producers with higher costs of imported cells assembled at US factories.
9. NuScale Power Corp. (NYSE:SMR)
NuScale Power saw its share prices rise by 10.63 percent on Tuesday to finish at $15.09 apiece as investors placed bets on producers of alternative energy sources following President Donald Trump’s imposition of hefty tariffs on solar panel imports.
On Tuesday, Trump said he would slap as much as 3,521-percent tariffs on solar panel imports from Thailand, Cambodia, Vietnam, and Malaysia following a year-long trade case filed by American companies accusing Chinese firms with factories in the said Southeast Asian countries of shipping panels priced below their cost of production, owing to unfair state subsidies.
SMR, a leading small modular reactor technology, may benefit from the imposition as it could push utilities, industries, and developers to set their sights on cheaper alternative energy sources such as SMR technologies.
Demand would be further complemented by the booming artificial intelligence in the country, on expectations that AI data centers would require more energy to power operations.
8. Hut 8 Corp. (NASDAQ:HUT)
Hut 8 Corp. grew its share prices by 10.81 percent on Tuesday to close at $11.79 apiece as investor funds flocked to the company following Bitcoin’s surge to the $91,000-level.
HUT traded higher alongside its Bitcoin-mining counterparts as investors resorted to other high-yielding assets amid stock market volatility and weakness in the US dollar.
HUT—an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing—said recently that it would announce the results of its first quarter earnings performance before the market opens on May 8, 2025.
Earlier this month, the company said it achieved a strong performance in its Bitcoin mining operations, with its hash rate jumping by 102 percent to 9.3 EH/s as of end-March from 4.6 EH/s in February.
Additionally, the company said it also achieved a better fleet efficiency of 20.1 J/TH.
7. Hesai Group (NASDAQ:HSAI)
Hesai Group rallied by 12.75 percent on Tuesday to finish at $13.09 apiece as investor sentiment was fueled by its launch of a new light detection and ranging (lidar) technology to support autonomous driving systems.
On Monday, HSAI said it officially launched the Infinity Eye, a lidar solution for level 2 to 4 autonomous driving.
According to the company, the solution includes three configurations—Infinity Eye A, B, and C—each tailored to meet the specific requirements of L4+ high-level autonomous systems, L3 conditional autonomous driving, and L2 assisted driving, respectively.
The company also introduced to the market three next-generation automotive-grade lidar products, namely the ETX ultra-long-range lidar, the AT1440 ultra-high-definition lidar, and the FTX fully solid-state blind spot lidar.
In other news, HSAI recently broke ground for its first overseas factory to shield itself from the growing trade tensions between the United States and China.
In a report by the Financial Times, HSAI is slated to build its first overseas plant next year as it looks to build production lines overseas in addition to its factories in China, “to avoid risks related to geopolitics and tariffs.”
6. Riot Platforms Inc. (NASDAQ:RIOT)
Riot Platforms saw its share prices jump by 13.20 percent on Tuesday to finish at $7.12 apiece as investors gobbled up shares in the company following the jump in Bitcoin prices.
RIOT traded higher alongside its Bitcoin-mining peers after the cryptocurrency asset retested the $91,000 level amid stock market volatility and weakness in the US dollar.
In a statement earlier this month, the company said it would announce the results of its first quarter earnings performance after market hours on May 1, 2025.
Last year, RIOT achieved a net income of $109.4 million and a 34-percent increase in revenues at $376.7 million from $280.7 million in the same period a year earlier.
Total Bitcoin mining revenues stood at $321 million for the year, compared with only $189 million in 2023, primarily driven by higher average Bitcoin prices and an increase in operational hash rate, partially offset by an increase in network difficulty and the block subsidy ‘halving’ event.
5. MARA Holdings Inc. (NASDAQ:MARA)
MARA Holdings saw its share prices increase by 14.40 percent on Tuesday to close at $14.06 each as investors snapped up shares in Bitcoin miners following the cryptocurrency asset’s 5 percent surge.
As of this writing, Bitcoin attracted investor interest, hovering at the $91,000 level, amid volatility in the stock market and the weakening of the US dollar.
MARA is currently one of the largest Bitcoin hoarders, with more than 44,000 Bitcoins in its inventory.
Last month, the company announced plans to raise $2 billion from a new round of share sale, with proceeds to be used for funding more Bitcoin purchases. The aggressive expansion was in line with its plans to bolster its position in the cryptocurrency market, following a strategy similar to that employed by Michael Saylor, the executive chair of Strategy Inc., formerly MicroStrategy.
In a notable commitment to its Bitcoin strategy, CEO Fred Thiel previously declared that the company would not sell any of the Bitcoin it mines, opting instead for a “full HODL” approach while continuing to acquire more cryptocurrency for reserves.
4. CleanSpark, Inc. (NASDAQ:CLSK)
Shares of CleanSpark surged by 17.4 percent on Tuesday to end at $8.77 apiece as investors snapped up shares in the company following the surge in Bitcoin prices.
As of this writing, prices of Bitcoin are up by 5 percent, hovering in the $91,000 territory as the asset attracted investor interest amid the continued volatility on the stock market, coupled with the weakening US dollar.
CLSK is a US-based Bitcoin mining company that owns and operates data centers that primarily run on low-carbon power.
Based on its historical reporting dates, CLSK is expected to release the results of its second quarter earnings performance in the second week of May 2025.
As of last month, CLSK said it was able to mine 706 Bitcoins, pushing its ownership to a total of 11,869.
Meanwhile, the company said it sold 14.23 Bitcoins during the period at an average price of approximately $87,742 apiece.
3. TeraWulf Inc. (NASDAQ:WULF)
TeraWulf Inc. grew its share prices by 17.78 percent on Tuesday to finish at $2.65 apiece as investor funds flew to Bitcoin mining companies amid the surge in Bitcoin prices.
As of this writing, prices of the cryptocurrency are up by 5 percent, hovering in the $91,000 territory as the asset attracted investor interest amid the continued volatility on the stock market, coupled with the weakening US dollar.
WULF develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads.
Last year, the company said it was able to narrow its net loss by 1.4 percent to $72.4 million from $73.4 million in 2023. Meanwhile, revenues more than doubled to $140 million from $69 million year-on-year.
2. Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer Technologies surged by 23.42 percent on Tuesday to close at $9.38 apiece following the rally in Bitcoin prices, coupled with news that it had been offered as much as $200 million in credit facility to finance its Bitcoin ASIC manufacturing efforts.
According to the company, it entered into a loan agreement with Matrixport, a company also owned by BTDR’s chairman, Jihan Wu.
As of April 2021, BTDR said it was already able to draw as much as $43 million from the credit line.
The loan carries a variable interest rate of 9 percent and is repayable in fixed monthly installments over a period of 24 months.
In other news, BTDR recently acquired a 101-megawatt data center in Alberta, Canada, for $21.7 million.
Last month, BTDR said it was able to mine 114 Bitcoins at a hash rate of 24.2 EH/s. It also completed mass production of 3.8 EH/s for its SEALMINER A1 mining rig, launched the SEALMINER A2 Pro series Bitcoin mining rigs, and obtained regulatory approval for Phases 1 and 2 of its Tydal, Norway site.
“We expect to energize more than 600 MW of power capacity over the next few months, including our Bhutan site,” the company said.
1. NovaGold Resources Inc. (NYSEAMERICAN:NG)
NovaGold Resources extended its winning streak for a second straight day on Tuesday, jumping 39.87 percent to close at $4.35 apiece following news that it would acquire a 50-percent stake in Donlin Gold LLC for $1 billion.
NG said in a statement that it partnered with Paulson Advisers LLC for the acquisition of Barrick’s 50-percent stake in Donlin, which owns and develops the Donlin Gold project in Alaska.
Of the total, NG will acquire the 10-percent share, increasing its total ownership in the company to 60 percent from 50 percent previously.
Paulson, on the other hand, will take the remaining 40 percent interest at a price of $800 million.
Following the closing of the transaction, the two companies target to immediately commence the various workstreams to update the Feasibility Study, including assembling a specially dedicated team to take over efforts as well as shift the program’s focus to the conversion and expansion of Donlin Gold’s reserves and resources.
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