Markets are under pressure with earnings, trade war concerns, and higher oil prices.
But that’s not stopping retail investors from buying D-Wave Quantum (NYSE: QBTS), Plug Power (NASDAQ: PLUG), Bitfarms (NASDAQ: BITF), and Nokia (NYSE: NOK).
D-Wave Quantum
Up about $5.75 a share, D-Wave Quantum is now above 50.77 million, as compared to its daily average volume of 50.48 million, not even an hour and a half into the trading day.
The stock is gaining momentum on news that the Trump Administration is reportedly in talks with quantum computing firms about the Commerce Department taking an equity stake in return for federal funding. This mirrors a move the government made earlier this year, with its acquisition of a 10% stake in Intel.
In addition, as noted by Forbes, “The companies are reportedly vying for federal funding awards intended for promising technology companies. According to the Journal, the companies that agree to the deal could receive funding awards from the federal government worth at least $10 million each.”
Plug Power
Plug Power has been gaining momentum with upgrades.
Today, volume is at 22.65 million, which is below its daily average volume of 101 million. However, as we’ve seen over the last few days, its intraday volume has spiked daily from between 149 million to 198.2 million. PLUG is up slightly this morning.
Earlier this month, analysts at H.C. Wainwright raised its price target on PLUG to $7 from $3, citing surging power costs that make green hydrogen more competitive. The firm has a buy rating on the stock.
Analysts at TD Cowen also raised their price target on PLUG to $4.50 with a buy rating following meetings with PLUG’s CFO, which outlined a roadmap to profitability.
Bitfarms
Bitfarms is also being bid higher on news that it’s moving into high-performance computing and AI data centers.
Up just over 1% at the moment, volume of 27.8 million is currently below its daily average volume of 75.1 million. However, much like PLUG, BITF has seen substantial volume spikes over the last few days. In fact, its intraday volume ranged from about 97.6 million to 226 million over the last few days.
Just last week, BITF announced a $500 million convertible note to finance the transition. This mirrors moves from IREN and Hut 8, which have also moved into high-performance computing – especially with the AI boom.
“We now have the financial firepower and flexibility to move forward at full speed with our HPC/AI infrastructure developments in North America. I would like to thank everyone who participated in the deal – we look forward to working together as we execute on our exciting infrastructure pipeline,” said CEO Ben Gagnon.
Nokia
Shares of Nokia are up about 10% on the day.
Volume of 43.9 million is well above its daily average volume of 28.7 million. All after the company posted strong Q3 results driven by surging demand from AI and cloud customers.
Network Infrastructure net sales jumped 28% year over year to €1.95B, with Optical Networks up 19%, fueled by AI and cloud demand. Cloud and Network Services revenue climbed 8% to €645M. Plus, according to CEO Justin Hotard, the company is on track to meet its full-year outlook.
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