By Jared Mitovich

Another company is testing whether "artificial intelligence" is the magic word for a stock turnaround.

Shares of battery maker QuantumScape rocketed around 18% this morning after it announced it was targeting AI data centers and defense as new markets. The stock had been sliding and was down around 60% from a high reached in October.

QuantumScape casts itself as a clean-energy startup with batteries that could enable faster charging and longer ranges for electric cars. Now, it says its technology aligns just as well with electric-heavy infrastructure.

"We think the opportunity for our technology in AI data centers is obvious and compelling," QuantumScape president Siva Sivaram told investors on the company's first-quarter earnings call. "It's early days, but right now, I would call it a great addition to our automotive portfolio."

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April 23, 2026 09:44 ET (13:44 GMT)

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