We recently compiled a list of the 10 Hottest Stocks: What's Fueling Their Rise. In this article, we are going to take a look at where Enovix Corp. (NASDAQ:ENVX) stands against the other stocks that skyrocketed yesterday.

Ten companies—predominantly involved in the quantum computing sector—have taken the spotlight on Thursday, booking significant gains despite a lackluster performance from Wall Street’s main indices.

To come up with Thursday’s top gainers, we considered only the stocks that have 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 Corp. (NASDAQ:ENVX)

Battery manufacturer Enovix (ENVX) saw its share prices grow by 13.29 percent on Thursday to finish at $11.42 after achieving another milestone.

Last week, the company announced that it has shipped its second-generation EX-2M samples to its customers. Consistent with its plan, the battery samples demonstrated an energy density improvement of approximately 10 percent over the EX-1M products.

The company expects to officially launch EX-2M batteries in 2026 and assure an energy density lead in the smartphone industry.

Following the milestone, Enovix secured its first mobile phone customer purchase order. The orders for custom samples, currently covered by a nondisclosure agreement, is contingent on the successful completion of a key milestone. The product is expected to enter mass production in late 2025.

Overall ENVX ranks 6th on our list of the stocks that skyrocketed yesterday. 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 timeframe. 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.

 

Disclosure: None. This article is originally published at Insider Monkey.