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Tech and Biotech Stocks Surge as Microchip Technology Raises Revenue Outlook

MarketDash Editorial Team
2 days ago
U.S. markets climbed Tuesday with the Dow up over 100 points, led by Microchip Technology's revenue beat and explosive gains in biotech names like Alumis and Bright Minds. Here's what drove the biggest movers of the session.

U.S. stocks pushed higher on Tuesday, with the Dow Jones index climbing more than 100 points as investors digested positive corporate news across the tech and biotech sectors.

Leading the charge was Microchip Technology Inc. (MCHP), which saw shares surge during Tuesday's session after the semiconductor company delivered some welcome news: its fiscal third-quarter revenue is coming in stronger than expected. The stock jumped 8.1% to $72.47, reflecting renewed investor confidence in the chipmaker's near-term prospects.

The company had originally guided for third-quarter fiscal 2026 net sales between $1.109 billion and $1.149 billion when it reported earnings on November 6, 2025. Then on December 2, management updated that outlook to the high end of the range. Now, on Monday, Microchip raised the bar again, projecting approximately $1.185 billion in net sales for the period ending December 31, 2025. That's a meaningful beat over initial expectations and suggests demand trends are improving faster than anticipated.

Biotech Breakouts and Clinical Trial Victories

The day's real fireworks came from the biotech sector, where clinical trial results sent multiple stocks into orbit. Alumis Inc. (ALMS) absolutely exploded higher, rocketing 129% to $19.04 after announcing that topline results from its Phase 3 ONWARD1 and ONWARD2 trials of envudeucitinib in moderate-to-severe plaque psoriasis met all primary and secondary endpoints. When a biotech company nails its Phase 3 trials across the board like this, the market tends to react enthusiastically, and that's exactly what happened here.

Bright Minds Biosciences Inc. (DRUG) also had a stellar day, gaining 25% to $100.00 after revealing topline results from its Phase 2 BREAKTHROUGH clinical trial evaluating BMB-101. The company announced the trial met its primary efficacy endpoints, another win for the clinical trial crowd and a sign that the drug candidate is progressing as hoped.

Beam Therapeutics Inc. (BEAM) rose 12.5% to $30.20, while Valneva SE (VALN) gained 11.8% to $9.90, rounding out a strong showing for the biotech names.

Tech Sector Gains Momentum

Beyond semiconductors, other tech names found their footing. Aeva Technologies Inc. (AEVA) jumped 31.5% to $17.21 after disclosing that its Frequency Modulated Continuous Wave 4D LiDAR technology has been selected for the NVIDIA DRIVE Hyperion autonomous vehicle reference platform. Getting selected for a high-profile NVIDIA platform is a significant validation of Aeva's technology and could open doors to broader commercial adoption.

OneStream Inc. (OS) gained 25.1% to $23.00 after Bloomberg reported that buyout firm Hg is nearing a deal to take OneStream private. Private equity interest often signals that a company is undervalued or has assets worth more than the public market is currently pricing in.

SanDisk Corp. (SNDK) rose 19.5% to $327.51, while Allegro MicroSystems Inc. (ALGM) climbed 8.6% to $30.92. Wolfspeed Inc. (WOLF) gained 9% to $19.59, continuing the semiconductor sector's positive momentum.

Energy and Industrial Movers

Terrestrial Energy Inc. (IMSR) rose 26.9% to $8.87 after executing an Other Transaction Authority agreement with the U.S. Department of Energy under the Advanced Reactor Pilot Program for Project TETRA. Government backing and funding for next-generation nuclear technology is a big deal, and investors clearly liked what they saw.

Trinity Industries Inc. (TRN) gained 8.3% to $28.80 after announcing it raised its fiscal 2025 earnings per share guidance above analyst estimates. When a company ups its guidance, especially above what Wall Street was expecting, it's typically a green light for the stock.

Healthcare and Materials Round Out the Winners

Oculis Holding AG (OCS) gained 10.7% to $21.86 after the FDA granted the company's neuroprotective candidate Privosegtor breakthrough therapy designation. This designation can accelerate the development and review process, potentially bringing the drug to market faster.

Albemarle Corp. (ALB) rose 11.3% to $162.72, adding to the day's gains across multiple sectors.

All told, Tuesday's session showcased the market's appetite for positive corporate developments, whether that's better-than-expected revenue guidance, successful clinical trials, or strategic partnerships that validate emerging technologies.

Back to Stock Market News

Tech and Biotech Stocks Surge as Microchip Technology Raises Revenue Outlook

MarketDash Editorial Team
2 days ago
U.S. markets climbed Tuesday with the Dow up over 100 points, led by Microchip Technology's revenue beat and explosive gains in biotech names like Alumis and Bright Minds. Here's what drove the biggest movers of the session.

U.S. stocks pushed higher on Tuesday, with the Dow Jones index climbing more than 100 points as investors digested positive corporate news across the tech and biotech sectors.

Leading the charge was Microchip Technology Inc. (MCHP), which saw shares surge during Tuesday's session after the semiconductor company delivered some welcome news: its fiscal third-quarter revenue is coming in stronger than expected. The stock jumped 8.1% to $72.47, reflecting renewed investor confidence in the chipmaker's near-term prospects.

The company had originally guided for third-quarter fiscal 2026 net sales between $1.109 billion and $1.149 billion when it reported earnings on November 6, 2025. Then on December 2, management updated that outlook to the high end of the range. Now, on Monday, Microchip raised the bar again, projecting approximately $1.185 billion in net sales for the period ending December 31, 2025. That's a meaningful beat over initial expectations and suggests demand trends are improving faster than anticipated.

Biotech Breakouts and Clinical Trial Victories

The day's real fireworks came from the biotech sector, where clinical trial results sent multiple stocks into orbit. Alumis Inc. (ALMS) absolutely exploded higher, rocketing 129% to $19.04 after announcing that topline results from its Phase 3 ONWARD1 and ONWARD2 trials of envudeucitinib in moderate-to-severe plaque psoriasis met all primary and secondary endpoints. When a biotech company nails its Phase 3 trials across the board like this, the market tends to react enthusiastically, and that's exactly what happened here.

Bright Minds Biosciences Inc. (DRUG) also had a stellar day, gaining 25% to $100.00 after revealing topline results from its Phase 2 BREAKTHROUGH clinical trial evaluating BMB-101. The company announced the trial met its primary efficacy endpoints, another win for the clinical trial crowd and a sign that the drug candidate is progressing as hoped.

Beam Therapeutics Inc. (BEAM) rose 12.5% to $30.20, while Valneva SE (VALN) gained 11.8% to $9.90, rounding out a strong showing for the biotech names.

Tech Sector Gains Momentum

Beyond semiconductors, other tech names found their footing. Aeva Technologies Inc. (AEVA) jumped 31.5% to $17.21 after disclosing that its Frequency Modulated Continuous Wave 4D LiDAR technology has been selected for the NVIDIA DRIVE Hyperion autonomous vehicle reference platform. Getting selected for a high-profile NVIDIA platform is a significant validation of Aeva's technology and could open doors to broader commercial adoption.

OneStream Inc. (OS) gained 25.1% to $23.00 after Bloomberg reported that buyout firm Hg is nearing a deal to take OneStream private. Private equity interest often signals that a company is undervalued or has assets worth more than the public market is currently pricing in.

SanDisk Corp. (SNDK) rose 19.5% to $327.51, while Allegro MicroSystems Inc. (ALGM) climbed 8.6% to $30.92. Wolfspeed Inc. (WOLF) gained 9% to $19.59, continuing the semiconductor sector's positive momentum.

Energy and Industrial Movers

Terrestrial Energy Inc. (IMSR) rose 26.9% to $8.87 after executing an Other Transaction Authority agreement with the U.S. Department of Energy under the Advanced Reactor Pilot Program for Project TETRA. Government backing and funding for next-generation nuclear technology is a big deal, and investors clearly liked what they saw.

Trinity Industries Inc. (TRN) gained 8.3% to $28.80 after announcing it raised its fiscal 2025 earnings per share guidance above analyst estimates. When a company ups its guidance, especially above what Wall Street was expecting, it's typically a green light for the stock.

Healthcare and Materials Round Out the Winners

Oculis Holding AG (OCS) gained 10.7% to $21.86 after the FDA granted the company's neuroprotective candidate Privosegtor breakthrough therapy designation. This designation can accelerate the development and review process, potentially bringing the drug to market faster.

Albemarle Corp. (ALB) rose 11.3% to $162.72, adding to the day's gains across multiple sectors.

All told, Tuesday's session showcased the market's appetite for positive corporate developments, whether that's better-than-expected revenue guidance, successful clinical trials, or strategic partnerships that validate emerging technologies.