Shares of 10 Firms Soar on Friday

3. Kingsoft Cloud Holdings Ltd. (NASDAQ:KC)

Kingsoft Cloud soared by 19.94 percent on Friday to end the day at $20.81 apiece as investor hopes were fueled by a report by Lyon that highlighted a breakthrough by China’s AI platform, DeepSeek. According to the report, the advancement was expected to accelerate the creation of AI applications in China, thereby pushing higher demand for cloud computing services.

Lyon also significantly raised its price target for KC by 272 percent to $20.5 from $5.5 previously.

KC has been earning a boost from DeepSeek news over the past few weeks, particularly after Xiaomi, which is also chaired by its chairman, Lei Jun, poached one of DeepSeek’s top developers, Luo Fuli, to join Xiaomi’s AI development team.

The news boosted investor sentiment on hopes that any AI development in Xiaomi will create a domino effect on Kingsoft’s business in cloud computing.