These Stocks Are Moving the Most Today: AMD, Oklo, Nvidia, On Holding, Circle Internet, USAR, and More

Traders working at the New York Stock Exchange. (Michael M. Santiago/Getty Images)

Key Points

• Advanced Micro Devices expects to increase its operating margin to more than 35% over the next three to five years, from 24% this year.
• On Holding surged 19% after exceeding profit and revenue targets and raising its full-year guidance for net sales and earnings.
• Circle Internet Group tumbled 9.2% after updating its full-year outlook to reflect higher operating expenses of $495 million to $510 million in 2025.

Stocks were up on Wednesday, pushing the Dow Jones Industrial Average past an important milestone—48,000. A good part of the gains came from investors optimistic about a House vote that would end the longest government shutdown on record.

These names were making moves:

Advanced Micro Devices climbed 7.3% after its Financial Analyst Day on Tuesday. After the market closed, Chief Financial Officer Jean Hu said AMD expects to increase its operating margin to more than 35% over the next three to five years, from 24% this year, resulting in a “clear path” to annual earnings of more than $20 a share. Wall Street had been forecasting 2028 earnings of $10.18 a share.

Oklo was up 8.4%, even though the nuclear start-up reported a wider-than-expected loss of 20 cents a share in its third quarter, compared with the loss of 13 cents analysts had anticipated. On Tuesday, the company said it had made progress on its first nuclear-fuel fabrication plant and expanded its partnership with Idaho National Laboratory.

Circle Internet Group tumbled 10%. The stablecoin issuer scored an earnings beat but updated its full-year outlook to reflect higher expenses. Circle now expects $495 million to $510 million in operating expenses in 2025, up from $475 million to $490 million.

On Holding surged 19% after the Swiss sneaker maker topped Wall Street’s profit and revenue targets and raised its full-year guidance for net sales and earnings before interest, taxes, depreciation, and amortization, or Ebitda.

Bill Holdings jumped 11%. The business-payments company is exploring options including a sale, Bloomberg reported, citing people familiar with the matter. Bill didn’t immediately respond to a request for comment from Barron’s.

USA Rare Earth fell 5.3%. The company said Wednesday that the U.K. has signed off on its purchase of Less Common Metals. USA Rare Earth agreed to buy the metal and alloy manufacturer for $100 million and 6.74 million shares in September.

Cybersecurity stock Fortinet declined 1.6% after a downgrade. Daiwa Securities cut its rating to Neutral from Outperform, and lowered its price target to $80 from $86.

Chevron fell 2.1%. The energy company said Wednesday it expects to begin deploying power plants by 2027 to feed data centers in West Texas.

AT&T gained 1.9% after an upgrade. KeyBanc analyst Brandon Nispel raised his rating to Overweight from Sector Weight with a $30 price target. Nispel argued on Tuesday that AT&T is better positioned than its rivals to offerihistorically separate networks on a single platform.

Tech conglomerate Cisco Systems will post fiscal first-quarter earnings after Wednesday’s close. Shares gained 2.8% ahead of the report.

Write to George Glover at george.glover@dowjones.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com