Why ENVX Stock Is Rising

We recently published a list of 10 Firms Post Strong Gains Amid Wall Street Bloodbath. In this article, we are going to take a look at where Enovix Corporation (NASDAQ:ENVX) stands against other firms post strong gains amid Wall Street bloodbath.

Wall Street’s main indices closed sharply in the red on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.

The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.

Meanwhile, let us look at the ten firms that bucked an overall broader market downturn and posted notable gains and explore why.

To come up with Tuesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A close-up of a battery cell being assembled with intricate precision.

Enovix Corporation (NASDAQ:ENVX)

Shares of Enovix Corporation (NASDAQ:ENVX) 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 (NASDAQ:ENVX), 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.

Overall, ENVX ranks 3rd on our list of firms post strong gains amid Wall Street bloodbath. While we acknowledge the potential of ENVX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ENVX 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.