Top Market Gainers: SPAC Volatility, Biotech, Geothermal Energy, and AI Stocks Rally
- Rising Dragon Acquisition Corp. (NASDAQ: RDAC) surged amid continued volatility in the low-float SPAC.
- bioAffinity Technologies Inc. (NASDAQ: BIAF) advanced sharply following its recent reverse stock split, although the split itself did not increase the company's value.
- Fervo Energy Company (NASDAQ: FRVO) jumped after signing a major geothermal power agreement with Google.
Several small-cap stocks and leveraged ETFs posted substantial gains during Tuesday's trading session. Rising Dragon Acquisition Corp. (NASDAQ: RDAC) climbed approximately 46.71% to $6.45, with more than 24.31 million shares traded.
bioAffinity Technologies Inc. (NASDAQ: BIAF) rose 44.52% to $6.59 on volume of approximately 45 million shares. The biotechnology company completed a 1-for-15 reverse stock split on August 24, 2026, reducing its outstanding share count to approximately 592,373 shares. The smaller public float may have contributed to increased volatility, but a reverse split does not create additional shareholder value.
In the renewable energy sector, Fervo Energy Company (NASDAQ: FRVO) surged 28.35% to $19.75, with more than 35.13 million shares traded. The rally followed an agreement to supply 396 megawatts of geothermal power from Fervo's Cape Station project in Utah to Alphabet Inc. (NASDAQ: GOOGL) subsidiary Google. The agreement includes an option to add another 600 megawatts by 2030, potentially bringing the total to nearly one gigawatt, as reported by Reuters.
The Defiance Daily Target 2X Long MRNA ETF (NASDAQ: MRNX) gained 19.33% to $95.11 as its underlying stock, Moderna Inc. (NASDAQ: MRNA), rose approximately 9.87%. The fund seeks twice Moderna's daily percentage return before fees and expenses.
AI infrastructure company Corvex Inc. (NASDAQ: MOVE) advanced 16.99% to $12.81. Corvex became publicly traded through its merger with Movano and retained the MOVE ticker. The company specializes in GPU-accelerated cloud infrastructure for artificial intelligence workloads.
The day's leading gainers were driven by a combination of company-specific developments, low-float volatility, renewable energy demand, biotechnology momentum, and leveraged exposure to sharply rising underlying stocks.
