Enovix (ENVX) Rockets 13% on China Battery Exports Curb

We recently published 10 Big Names Beating Wall Street at its Own Game. Enovix Corp. (NASDAQ:ENVX) is one of the best performers on Monday.

Enovix ended two straight days of losses on Monday, jumping 13.02 percent to finish at $12.67 apiece as investors continued to hunt for shares in firms that are expected to benefit from China’s battery export restrictions.

Investors gobbled up shares in Enovix Corp. (NASDAQ:ENVX), a California-based battery company, on expectations that China’s new export policies would push customers to look elsewhere for supplies.

Additionally, the rally was supported by the US government’s backing of the lithium industry following its recent investment in Lithium Americas, as it aims to prop up domestic manufacturing and reduce reliance on imports.

In other news, Enovix Corp. (NASDAQ:ENVX) last week announced its inclusion in Fast Company’s Next Big Things in Tech list, which highlights emerging technologies such as artificial intelligence and robotics, among others, that have the potential to impact industries.

“AI is transforming how we use our devices, but it also puts unprecedented strain on battery performance,” Enovix Corp. (NASDAQ:ENVX) CEO Raj Talluri said.

“Our product architecture enables 100 percent active silicon-anode solutions that deliver the energy density, safety and speed needed for next-generation smartphones and AI devices. Fast Company’s recognition underscores the industry’s need for a step-change in battery performance—and Enovix is delivering it.”

While we acknowledge the potential of ENVX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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