Interestingly, all ten of the highlighted companies are tech-focused, not energy-related. Their valuations have been affected by a mix of factors like inflation concerns fueled by rising oil prices, potential supply chain disruptions in the Strait of Hormuz, and a general risk-averse atmosphere that has brought down high-multiplier stocks during the conflict.
The rotation among these stocks isn’t exactly uniform. Some have hit historical highs. In fact, one company has achieved a winning streak not seen in over two decades.
A surge in memory and storage stocks has lifted prices following a long-standing supply shortage that started escalating in late 2025 but was obscured by geopolitical issues.
10. Advanced Micro Devices, Inc. (NASDAQ:AMD) — +41.94%
Advanced Micro Devices has seen its stock rise for 12 consecutive sessions, marking the longest winning streak since 2005. In this period, the stock surged by 41.94%, adding roughly $101 billion to its market cap.
This achievement is pretty rare in AMD’s history. A review of its stock price since the IPO in 1972 shows only four occasions of 10 or more consecutive increases. The current streak is the fourth instance, starting off with a significant jump.
Wall Street is starting to reassess AMD’s server CPU sector as a key player in the emerging AI landscape. Bernstein SocGen analysts have notably upgraded their 2027 revenue estimates, attributing this to AMD’s collaboration with Meta and the anticipated launch of the MI400 AI accelerator.
On May 5, AMD released its first-quarter results, previously projecting a 32% increase in revenue year-over-year.
9. Micron Technology Co., Ltd. (NASDAQ:MU) — +42.09%
Micron Technology rebounded by 42.09% over 12 sessions, recovering from wartime lows as the market adjusted its valuation according to the supply and demand dynamics for memory products.
Earlier in March, Micron already ignited a rally in the storage sector by announcing fiscal 2026 second-quarter earnings of $12.20 per share—around 33% above expectations—and revenue of $23.86 billion, primarily driven by high-bandwidth memory demand.
Management revealed that all HBM capacity for 2026 is entirely sold out, with AI data centers consuming about 70% of high-end DRAM supply.
On April 8, memory chip stocks climbed around 9% in premarket trading, with Micron leading the positive trend along with companies like SanDisk, Seagate, and Western Digital as clarity around the ceasefire emerged.
8. Western Digital Corporation (NASDAQ:WDC) — +43.72%
Western Digital soared by 43.72% during the same 12-session window, building on gains that had already brought the stock to an all-time high in mid-March, thanks in large part to Micron’s impressive profits. The ceasefire mostly solidified this upward movement.
The company is focusing heavily on NAND flash and high-capacity hard drives, thus expanding its AI storage capabilities beyond that of its competitors. Reports indicate that all HDD production capacity is booked for 2026, with many corporate contracts extending into 2028.
Morgan Stanley has suggested that both Western Digital and Seagate are undervalued given their roles in AI infrastructure, with Western Digital set to announce its third-quarter results on April 30.
7. Seagate Technology Holdings PLC (NASDAQ:STX) — +46.73%
Seagate also climbed significantly, up 46.73%, aligning with the overall recovery in the memory sector. Its high-capacity Mozaic platform has become a go-to solution for AI cold storage needs, which require affordable data repositories for model training.
Considering that enterprise SSDs are sometimes 16 times costlier than HDDs per terabyte, Seagate’s position as a major player in the HDD market now carries even more strategic weight.
JPMorgan has raised its stock price due to promising demand trends and widening profit margins.
6. Coherent, Inc. (NYSE:COHR) — +49.33%
Coherent surged by 49.33% in this timeframe, extending a 12-month rally of about 448% driven by a transition in AI data centers from copper to optical interconnects to meet bandwidth needs.
Revenue from data center and communications services grew 34% year-over-year in the last quarter and now constitutes 72% of total revenue.
A strategic supply agreement with Nvidia has boosted investor confidence, highlighted by considerable advance purchase commitments for sophisticated laser and optical networking products.
Management mentioned that demand is unusually high, with forecasts extending through 2028.
5. Marvell Technology Co., Ltd. (NASDAQ:MRVL) — +51.88%
Marvell Technology gained 51.88% over 12 days, marking its fifth consecutive week of increases. The company provides custom silicon and high-speed networking ASICs—products that are well-positioned to benefit as AI infrastructure investments resume.
Recently, Bank of America listed Marvell, alongside AMD, as top picks for AI computing. The ceasefire has restored a favorable macro environment, allowing investors to reassess Marvell’s AI offerings at higher market valuations.
4. SanDisk Corporation (NASDAQ:SNDK) — +60.61%
SanDisk experienced a remarkable 60.61% increase during the 12 sessions, closing at $906.16 on April 16 and nearing its historical peak of $965 due to NAND flash supply shortages that have kept all its products spoken for into next year.
Spun off from Western Digital in 2025, SanDisk now acts as the dedicated supplier of NAND flash within the group. A new manufacturing partnership with Kioxia ensures production cost stability through 2034 at a time when competitors are vying for wafer production capacity.
Second-quarter fiscal 2026 revenue hit $3 billion, up 61% from the previous year, with non-GAAP EPS of $6.20—a significant rise from last year’s $1.23. Bernstein raised their price target to $1,250 as memory prices increased more swiftly than anticipated.
3. Intel Corporation (NASDAQ:INTC) — +66.30%
Intel’s stock closed at $68.50 on April 16, approaching its all-time high of $69 from 2020. If it surpasses that threshold, the stock could reach levels not seen since the dot-com boom in September 2000.
The ceasefire has further accelerated an already thriving stock market. Intel is set to report its first-quarter earnings on April 23.
2. CoreWeave, Inc. (NASDAQ:CRWV) — +72.90%
CoreWeave saw its stock jump from a low of around $67 to $119.56, achieving eight sessions of consecutive gains and an impressive 72.90% rise over 12 days—its strongest performance since going public in March 2025.
Investment activity has continued, featuring a $3.5 billion convertible debt issuance and a $1.75 billion senior debt offering, driven by robust investor interest.
Macquarie upgraded the stock to Outperform, noting that CoreWeave’s platform is evolving toward hyperscale infrastructure rather than merely a rental agreement.
1. Bloom Energy Corporation (NYSE:BE) — +75.77%
Bloom Energy was the top performer, crossing the $200 mark on April 14 for the first time in its trading history. This position as an on-site power supplier for AI infrastructure addresses a key concern for data center operators: the inability to connect to the grid swiftly enough to support AI ventures.
JPMorgan highlighted an expanded agreement with Oracle as a validation of Bloom’s progress and increased its price target to $231. The company anticipates exceeding $3.1 billion in sales for 2026, a 58% increase compared to last year’s record $2.02 billion.
Following the announcement, Jefferies raised its stock price and significantly boosted its price target. The ceasefire has provided a more favorable overarching context, while Oracle has introduced an innovative solution.
What’s next?
This movement into AI infrastructure and memory storage over 12 sessions signifies more than just a recovery from wartime struggles.
It reflects a re-pricing of assets amidst geopolitical uncertainties where it seems the AI capex cycle is entering a more mature phase.
TSMC’s Q1 2026 earnings indicated a surge in demand for advanced nodes used in AI accelerators, confirming that investment in AI infrastructure is still on track, even if a lot of it was briefly overshadowed.
The major question ahead is the order of earnings.
- AMD is reporting on May 5.
- Intel will report on April 23.
- Both Western Digital and SanDisk have results due on April 30.
How these earnings influence stock valuations will be crucial, determining if rising multiples meet or disappoint expectations and framing the next chapter in this rotation.
