We recently compiled a list of the Why These 10 Stocks Were Skyrocketing on Friday. In this article, we are going to take a look at where Qorvo, Inc. (NASDAQ:QRVO) stands against the other stocks that were skyrocketing on Friday.

Wall Street saw a strong trading session on Friday, with all major indices finishing firmly in the green ahead of President-elect Donald Trump’s return to office.

The Dow edged higher by 0.78 percent, while the S&P rallied 1 percent. Nasdaq, for its part, jumped 1.51 percent.

Ten companies—predominantly Bitcoin miners—were among the day’s standout performers, posting significant gains amid growing optimism in the broader cryptocurrency market, thanks to Trump’s commitment to supporting the sector.

To come up with Friday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A close up of a highly advanced mobile device with the company's branding visible.

Qorvo, Inc. (NASDAQ:QRVO)

Qorvo, Inc. (NASDAQ:QRVO), a multinational firm engaged in developing products for wireless, wired, and power markets, saw its share prices jump by 14.43 percent on Friday to finish at $84.21 apiece following news that activist investor Starboard Value Partners acquired a substantial stake in the company.

Following the acquisition, Starboard Value Partners now holds 7.29 million shares of Qorvo Inc. (NASDAQ:QRVO), representing a 7.7 percent stake valued at approximately $500 million.

The move was said to be indicative of the firm's investment strategy, which focuses on identifying undervalued opportunities in the US public equity markets.

Qorvo Inc. (NASDAQ:QRVO) is renowned for its radio frequency chips used in smartphones and tablets, with Apple being its largest client, contributing to over a third of its revenue. The company also plays a significant role in the connectivity and sensors segment for the Internet of Things and high-performance analog chips for aerospace and defense markets.

Overall QRVO ranks 1st on our list of the top-performing stocks from Friday's session. While we acknowledge the potential of QRVO as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than QRVO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

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Disclosure: None. This article is originally published at Insider Monkey.