Though many stocks have been struggling in 2026, several up-and-coming stocks have shrugged off market uncertainty to put up significant gains. Thanks to a focus on unique business lines, these picks have all managed to double since Jan. 1 even as the S&P 500 has been in a tailspin.
What’s more, these stocks aren’t volatile microcaps that have spiked on mere rumors. The following seven stocks all have market values of more than $1 billion, and are headquartered right here in the U.S.
Nothing is certain on Wall Street, of course, and these picks are all focused on specific business lines that could run into trouble if their corner of the economy hits a snag. But if you’re looking for momentum stocks putting up gains in a market that seems to be moving mostly downward, this list is a good place to start:
Stock
Applied Optoelectronics Inc. （ticker: AAOI）
AXT Inc. （AXTI）
Erasca Inc. （ERAS）
Fastly Inc. （FSLY）
Ichor Holdings Ltd. （ICHR）
ImmunityBio Inc. （IBRX）
Kosmos Energy Ltd. （KOS）
Applied Optoelectronics Inc. （AAOI）
Market value: $8.6 billion
Manufacturer Applied Optoelectronics produces fiber-optic equipment, lasers and other high-tech gear. It’s a small, niche player – but like many of the best small-cap stocks to buy now, its unique and focused business line allows it to zero in on an opportunity and make the most of it. There was already a focus on the 5G build-out of wireless networks in America and red-hot competition between major telecom carriers, but the need for data infrastructure related to AI makes this company’s gear even more vital to the high-tech future of the U.S. economy. Revenue for Applied Optoelectronics was about $455 million at the end of 2025, but that figure is predicted to approach $2 billion by the end of fiscal 2027.
AXT Inc. （AXTI）
Market value: $3.7 billion
Up more than 300% since Jan. 1 and up more than thirtyfold in the last 12 months, it’s hard to find a more exciting example of an up-and-coming stock than AXT. The firm is a leading manufacturer of compound semiconductor wafer substrates, a key building block for transistors and integrated circuits. This specialty business is in high demand thanks to existing demand in our digital age as well as high hopes for megatrends like artificial intelligence and the Internet of Things. What’s more, AXT is headquartered in California and has homegrown appeal as many firms are increasingly concerned about supply chains and sourcing from Asia. Wall Street is predicting 40% revenue growth in both fiscal 2026 and fiscal 2027, with the company expected to move into consistent profitability in the next few quarters.
Erasca Inc. （ERAS）
Market value: $4.7 billion
Erasca is a biotech company developing new cancer treatments, with about a dozen potential drugs in progress. Its leading treatment areas include skin cancer, colon cancer and advanced brain cancer. These conditions are obviously quite serious, and Erasca was granted fast-track designation by the Food and Drug Administration for some of its drugs in an effort to bring new treatments to market as soon as possible. Like many dynamic drugmakers, Erasca is operating in the red as it invests in future drugs that are not yet approved for commercial sales. However, shares are up more than 900% in the last 12 months and up more than 300% since Jan. 1 as a sign of confidence in this stock.
Fastly Inc. （FSLY）
Market value: $4.4 billion
Fastly helps websites and apps load quickly and stay secure. Its services protect online stores, news sites and streaming platforms. This technology is vital in an increasingly risky environment that features phishing, malware and other digital challenges. This specialized niche and best-in-class service has driven consistent double-digit sales growth for FSLY stock, and the company’s recent move into consistent profitability has Wall Street optimistic about the future. Shares are up more than 300% in the last 12 months, and have roughly tripled since Jan. 1 thanks to better-than-expected sales driven by deeper relationships with its largest customers.
Ichor Holdings Ltd. （ICHR）
Market value: $1.8 billion
Ichor is a specialized technology stock that designs and builds systems to deliver and control the gases and chemicals used in semiconductor fabrication. While it doesn’t make chips itself, its products are vital to helping third-party manufacturers run their chip production efficiently and reliably. Shares are up about 150% since Jan. 1 on high hopes for future demand, with some estimates expecting the global semiconductor market to top $1 trillion in sales as soon as this year – more than double the $440 billion global market of 2020. ICHR is an up-and-coming stock that is supporting this megatrend, and analysts expect profits to increase fourfold in fiscal 2026 – and then double again in fiscal 2027 on top of that.
ImmunityBio Inc. （IBRX）
Market value: $8.3 billion
ImmunityBio is an innovative company that develops medicines for cancer and infectious diseases through immunotherapies that use the patient’s own natural defenses to fight back. Its drug arsenal includes Anktiva, a unique bladder cancer treatment that is used when standard treatments don’t work. The company’s therapies aim to boost the body’s natural defenses against illness. However, IBRX is working hard on new vaccine technologies using modified viruses to train the immune system, including drugs aimed at other cancers as well as diseases like HIV and COVID-19. The company is not yet profitable, but investors like the progress they see from current research and development and drug trials, as shares have surged about 300% since Jan. 1 in an otherwise hostile environment for stocks.
Kosmos Energy Ltd. （KOS）
Market value: $1.6 billion
Kosmos Energy is a deep-water exploration and production company engaged in the development of oil and natural gas properties, mainly off the coast of Africa and in the Gulf of Mexico. Hard-to-access fossil fuel sources are obviously more expensive to tap, so KOS stock is directly correlated to prices in energy commodity markets. Thanks to massive disruptions caused by recent attacks on Iran, oil has spiked to more than $100 a barrel – and this stock has surged about 200% year to date as a result. Keep in mind that the volatility works both ways, however, and this offshore oil stock could crater if oil prices roll back significantly in the near future.
