Wall Street’s main indices closed in the green territory on Wednesday, posting gains of more than 1 percent as investors cheered news of a tamed inflation rate for November.
The Dow Jones jumped by 1.65 percent, while the S&P 500 surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.
Ten companies mirrored the broader market optimism, led by the quantum computing and bitcoin mining sectors. Today, let’s take a look at what buoyed investor sentiment for each of the top gainers.
To come up with Wednesday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A person with stock market data on a laptop. Photo by Anna Nekrashevich on Pexels
10. Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer Technologies (NASDAQ:BTDR) rallied for a second day on Wednesday in line with higher Bitcoin prices and after receiving a rating boost from investment banking firm Needham & Company LLC.
On Tuesday, Needham upgraded its price target for Bitdeer by 57 percent to $22 from $14, while giving it a “buy” rating, indicating an optimistic outlook. The upgrade was based on refreshed expectations for machine manufacturing sales as well as on growing confidence in Bitdeer’s high-performance computing opportunities.
Earlier this month, Bitdeer Technologies Group (NASDAQ:BTDR) also earned a bullish outlook from Roth MKM, with a “buy” rating and a $29 price target.
Bitdeer (NASDAQ:BTDR)—a $4-billion heavyweight in Bitcoin mining—rallied in line with higher Bitcoin prices, which as of Wednesday, was again trying to regain its strength towards the $100,000 level.
9. Tempus AI Inc. (NASDAQ:TEM)
Tempus AI (NASDAQ:TEM), an American health technology company, saw its shares rise by 9.71 percent to end at $34.92 apiece on Wednesday as investors cheered the launch of its FDA-approved in vitro diagnostic device called xT CDx.
XT CDx is a 648-gene next-generation sequencing (NGS) test for solid tumor profiling that includes microsatellite instability status and companion diagnostic claims for colorectal cancer patients, said the Chicago-based company.
It uses DNA isolated from FFPE tumor tissue samples and DNA isolated from matched normal blood or saliva samples derived from patients diagnosed with solid malignant neoplasms in order to detect substitutions—such as single nucleotide variants (SNVs) and multi-nucleotide variants (MNVs)—and insertion/deletion alterations in 648 genes.
Additionally, xT CDx is approved as a companion diagnostic to identify patients with KRAS wild-type CRC who could be candidates for treatment with cetuximab (Erbitux); and patients with KRAS and NRAS wild-type CRC who may be candidates for treatment with panitumumab (Vectibix).
Tempus AI (NASDAQ:TEM) said the xT CDx is now available for orders within the US.
8. Upstart Holdings Inc. (NASDAQ:UPST)
Upstart Holdings (NASDAQ:UPST), an AI lending platform, rose by 6.72 percent on Wednesday to finish at $62.67 apiece after the company announced updates on its auto retail platform.
According to the company, platform updates will upgrade financing workflows and dealership operations as part of its commitment to simplifying procedures and supporting more effective transactions by allowing sales managers to change financing, leasing, and payment choices all from one screen.
It also expanded its credit dashboards which feature FICO Auto Scores, downloadable credit reports, and compliance checks, which can help guide dealers’ lending choices.
An artificial intelligence-powered finance feature lets dealers seal deals sooner by highlighting loan options with better conditions or cheaper interest rates. The business pointed out that these instruments are meant to let dealers reach better loan-to-value ratios and more efficient management of financing approvals.
The move was aimed at helping shorten the time required to set up transactions.
7. Riot Platforms Inc. (NASDAQ:RIOT)
Bitcoin miner Riot Platforms (NASDAQ:RIOT) grew its share prices on Wednesday by 9.97 percent to end at $13.46 apiece, rallying alongside its counterparts following news that Republican officials at the Securities and Exchange Commission are set to begin overhauling cryptocurrency policies as soon as President-elect Donald Trump assumes office next week.
Among the measures expected to be weighed include initiating the process that would lead to guidance and clearer rules clarifying when the agency considers a cryptocurrency to be a security, as well as reviewing some crypto enforcement cases pending in courts.
Trump’s SEC chair pick, Paul Atkins, who is also a pro-crypto former agency commissioner, was widely expected to end a crackdown on cryptocurrencies led by incumbent SEC chair Gary Gensler.
The developments in the cryptocurrency industry sent Bitcoin’s prices soaring on Wednesday, touching the $100,000 level.
6. Hut 8 Corp. (NASDAQ:HUT)
Shares of Hut 8 Corp. (NASDAQ:HUT), a Bitcoin mining firm, increased by 10.06 percent on Wednesday to finish at $26.26 apiece as investor sentiment was buoyed by positive developments surrounding the cryptocurrency industry ahead of the Trump administration.
Hut 8 Corp. (NASDAQ:HUT)’s stock price rallied in line with higher Bitcoin prices, which as of Wednesday was retesting its resistance level of $100,000, over news that the Securities and Exchange Commission is set to begin overhauling cryptocurrency policies as soon as President-elect Donald Trump assumes office next week.
Among the measures likely to be considered are initiating a process that could result in clearer guidance and rules on when the agency deems a cryptocurrency to be a security, as well as reviewing pending crypto enforcement cases in the courts.
The news sparked optimism for a stronger cryptocurrency market and the potential end of regulatory crackdowns, particularly with the appointment of pro-cryptocurrency former SEC official Paul Atkins to lead the commission.
5. Terawulf Inc. (NASDAQ:WULF)
Terawulf (NASDAQ:WULF)’s share prices increased by 10.95 percent on Wednesday to finish at $6.18 each, as traders took heart from positive developments in the cryptocurrency industry, particularly on a potential end to regulatory crackdowns with the appointment of pro-cryptocurrency and former SEC official Paul Atkins to lead the commission.
Terawulf (NASDAQ:WULF)’s prices rallied alongside its peers and higher Bitcoin prices, which as of Wednesday was on its way to retesting its $100,000 resistance level.
As soon as the Trump administration assumes office over the next few days, investors will be looking out for further cues on President Donald Trump’s cryptocurrency regulations, particularly clearer guidance and rules on when the agency deems a cryptocurrency to be a security, as well as reviewing pending crypto enforcement cases in the courts.
4. Intuitive Machines Inc. (NASDAQ:LUNR)
Intuitive Machines (NASDAQ:LUNR) ended stronger on Wednesday, adding 14.10 percent to finish at $19.18 each after the company sealed a deal with Puli Space Technologies to investigate water ice at the Moon’s south pole.
Through the Puli Lunar Water Snooper (PLWS) attached to Intuitive Machines’ Micro Nova Hopper, the two companies will spearhead a mission to study water ice in the south pole region of the moon and provide the first direct surface measurements from a permanently shadowed crater.
The endeavor, backed by the European Space Agency (ESA), aims to deploy a neutron spectrometer to uncover valuable insights into lunar resources.
According to ESA, launching of the study is scheduled for late February this year.
Earlier this month, the National Aeronautics and Space Administration (NASA) also selected Intuitive Machines (NASDAQ:LUNR) to expand its commercial direct-to-Earth capabilities, which is a mission-critical communication capability that allows spacecraft to transmit data directly to ground stations on Earth.
Under the agreement, Intuitive Machines (NASDAQ:LUNR) will receive two task order awards to support NASA’s Lunar Exploration Ground Segment, providing additional capacity to alleviate demand on the Deep Space Network and to meet the mission requirements for unique, highly elliptical orbits. The company also previously received a task order award for Subcategory 2.2 GEO to Cislunar Relay Services.
3. Compass Inc. (NYSE:COMP)
Real estate brokerage firm Compass Inc. (NYSE:COMP) saw its share prices jump by 19.25 percent on Wednesday to finish at $6.66 apiece after it boosted its earnings guidance for the fourth quarter and full year 2024.
The company said it now expects fourth-quarter revenues to settle between $1.36 billion to $1.39 billion and adjusted EBITDA between $15 million to $18 million. It previously anticipated revenues of $1.225 billion to $1.325 billion and adjusted EBITDA of $0 to $10 million.
In addition, the company expects full-year revenues to end between $5.61 billion to $5.64 billion and adjusted EBITDA of $124 million to $127 million. Its earlier outlook was for revenue of $5.47 billion to $5.57 billion and adjusted EBITDA of $109 million to $119 million.
2. Rigetti Computing Inc. (NASDAQ:RGTI)
Rigetti Computing (NASDAQ:RGTI) shares surged as much as 22.23 percent on Wednesday after the quantum computing industry received a boost from Microsoft.
On Wednesday, Microsoft’s strategic missions and technologies chief Mitra Azizirad highlighted the emergence of a dependable era in quantum computing, urging the sector to get ready because “we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value.”
The company expressed confidence that quantum computers will soon tackle significant challenges and unlock new business opportunities.
Over the past 52 weeks, Rigetti Computing (NASDAQ:RGTI)’s shares have already soared nearly 900%.
Its CEO, Subodh Kulkani, posted a positive outlook for the company, saying that it is in a position to sustain its ongoing research and development efforts. He also dismissed Nvidia Corp. chief Jensen Huang’s bearish remarks on quantum computing stocks that the practical use of quantum computers are still 15-30 years away.
1. Ionq Inc. (NYSE:IONQ)
Shares of IonQ Inc. (NYSE:IONQ) jumped by 33.48 percent on Wednesday to close at $39.39 each following a boost in the quantum computing sector, thanks to a bullish outlook from Microsoft.
On Wednesday, Microsoft’s strategic missions and technologies chief Mitra Azizirad highlighted the emergence of a dependable era in quantum computing, urging the sector to get ready because “we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value.”
In other news, investor confidence was helped by news that it clinched a $1-billion deal with the state of Maryland to make the state the home of quantum computing.
As part of the deal, IonQ Inc. (NYSE:IONQ) will expand its headquarters into a 100,000-square-foot facility that will house a data center, laboratories, and office space at the University of Maryland.
IonQ President and CEO Peter Chapman said that the deal is expected to support cutting-edge research, innovation, economic growth, and create more jobs.
While we acknowledge the potential of IONQ as a leading investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as IONQ but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
