Micron Technology Inc. (NASDAQ:MU), climbing 90% in a month, has been one of the loudest stories of the AI memory cycle. The headlines are everywhere.
And yet, 10 Russell 2000 small caps just blew past that number.
Every name on the list below is up more than 110% over the past 30 days. The top of the leaderboard is up 381%.
Most ride the same AI infrastructure wave. Most also crushed first-quarter earnings and raised guidance.
10. Backblaze Inc. (NASDAQ:BLZE) — Up 110%
Backblaze runs a cloud storage platform, essentially the no-frills competitor to Amazon’s storage service. The business used to depend on individuals backing up their laptops.
That story has changed. The number of AI customers using Backblaze jumped 76% in a year, as AI companies generate enormous volumes of training data that need to be stored cheaply. Backblaze is that somewhere.
- Q1 revenue $38.7M, up 12%. Enterprise storage segment grew 24%.
- Per Benzinga Analyst Stock Ratings, the Street average target is $8.27. JMP Securities holds the high estimate at $18, while Oppenheimer anchors the low end at $10. The stock trades at $7.37, slightly below consensus.
9. Navitas Semiconductor Corp. (NASDAQ:NVTS) — Up 116%
Navitas makes specialty power chips that convert electricity from one voltage to another. The technology matters because AI data centers consume staggering amounts of power, and older chips that handle this conversion are too inefficient for new Nvidia racks.
At Nvidia Corp.‘s (NASDAQ:NVDA) GTC conference in March, Navitas unveiled a power board designed for Nvidia’s next-generation 800-volt data center architecture. For a company Navitas’s size, simply being in the room with Nvidia was enough to send the stock up triple digits.
- Q1 revenue just $8.6M. Management calls 2026 a transition year before a 2027 inflection.
- Per Benzinga Analyst Stock Ratings, the consensus target sits near $7, with the most optimistic call at around $14 and the most cautious near $3. The stock now trades roughly 3x above the Street’s average.
8. Innodata Inc. (NASDAQ:INOD) — Up 131%
Innodata sells data labeling and training services to the AI labs building large language models. When OpenAI or Anthropic wants a million examples of human-rated responses to train their next model, Innodata’s army of subject-matter experts produces them.
First-quarter earnings beat Wall Street estimates by 425%. The company also announced a new contract with one Big Tech client worth roughly $51 million in 2026 revenue — over half its quarterly run rate, effectively pre-booked.
- Q1 revenue $90.1M, up 54%. Earnings per share $0.42 versus $0.08 consensus.
- Per Benzinga Analyst Stock Ratings, BWS Financial sets the Street high at $110 after naming Innodata its top pick. Wedbush anchors the low end of the recent post-earnings calls at $80, while Maxim Group sits in between at $100. The stock trades near $92, roughly in line with consensus.
7. Ambiq Micro Inc. (NYSE:AMBQ) — Up 141%
Ambiq makes ultra-low-power chips designed to run AI directly on small battery-powered devices — wearables, hearing aids, medical sensors. The advantage is speed, privacy, and battery life. The company went public in late 2025. First-quarter revenue grew 59%, and more than 80% of the chips Ambiq shipped last quarter were running AI algorithms.
- Q1 revenue $25.1M, up 59%. Q2 guidance $31M–$32M.
- Per Benzinga Analyst Stock Ratings, the consensus target stood at $44.40 heading into earnings. Post-print, Needham and UBS both lifted theirs to $70, setting the new Street high. Bank of America’s $35 marks the low end. The stock trades near $71, just above the most bullish call on file.
6. Entravision Communications Corp. (NYSE:EVC) — Up 173%
Entravision spent the last two years pivoting from traditional broadcasting into advertising technology, building software that helps brands target Hispanic audiences across digital platforms.
That bet just paid off. The advertising technology business grew its revenue 204% in the first quarter. Total revenue more than doubled.
Management also flagged the 2026 midterms as a major upcoming catalyst, calling out the California, Nevada, and Texas governor races as primary opportunities.
- Q1 revenue $197M, up 114%. Swung to a profit of $0.13 per share from a $0.53 loss.
5. Bandwidth Inc. (NASDAQ:BAND) — Up 201%
Bandwidth runs the voice and messaging infrastructure that powers other companies’ communication products. When you receive an automated voice call from your doctor’s office, the wires behind that call often belong to Bandwidth.
Salesforce just picked Bandwidth as the infrastructure partner for its new Agentforce product, which lets businesses deploy AI agents that handle customer calls.
Every minute of AI voice agent traffic runs through Bandwidth’s network.
- Q1 revenue $209M, up 20%. Earnings per share $0.38 versus $0.29 consensus. Company turned profitable.
- Per Benzinga Analyst Stock Ratings, Citizens and Needham share the Street high at $45 after both raised post-earnings. B. Riley anchors the low end at $27. The stock trades near $51, right at the top of the analyst range.
4. Replimune Group Inc. (NASDAQ:REPL) — Up 212%
Replimune is the only non-AI story in the top 10. On April 10, the Food and Drug Administration rejected Replimune’s experimental melanoma therapy for the second time, sending shares down 64% in a single session.
Many traders left the stock for dead. Then, on May 8, the Wall Street Journal published an editorial accusing the FDA of going against scientific consensus, and news broke the same day that FDA Commissioner Marty Makary was being pushed out.
Traders began betting that a new commissioner might reconsider. The stock has tripled from its April low.
- Stock bottomed at $1.50 on April 13. Now trading near $4.44.
- Per Benzinga Analyst Stock Ratings, the three most recent calls — Leerink Partners, Wedbush and Jefferies, all dated April 13 — average $2. Wedbush’s $2 sits at the high end of that group while Cantor Fitzgerald pulled its target to $0 after the rejection. The stock trades roughly 120% above the post-rejection consensus.
3. agilon health inc. (NYSE:AGL) — Up 233%
Agilon partners with primary care doctors who treat Medicare Advantage patients, taking on the financial risk of managing their healthcare costs in exchange for a share of the savings. The model fell apart in 2024 when medical costs ran above expectations, and the stock crashed.
First-quarter earnings on May 7 showed the turnaround working. Net income quadrupled compared to a year ago. Management raised full-year guidance and named a new chief executive.
- Q1 EPS $1.80 versus $0.93 consensus. Revenue $1.42B. FY26 guidance raised to $5.68B–$5.81B.
- Per Benzinga Analyst Stock Ratings, Wells Fargo holds the Street high at $72 (Overweight) after nearly doubling its target post-earnings. Baird sets the low end at $35 with a Neutral. Deutsche Bank ($49) and Jefferies ($48) sit in between, both with fresh Buy upgrades. The stock trades around $72.
2. MaxLinear Inc. (NASDAQ:MXL) — Up 312%
MaxLinear used to be a sleepy broadband chip company selling components for cable modems and home routers. The pivot toward AI data centers changed everything. In the first quarter, the infrastructure business that sells chips into hyperscale data centers grew revenue 136% year-over-year.
Management raised its full-year forecast for optical data center revenue by $30 million to $40 million, citing accelerating orders from hyperscalers. The company also unveiled a new AI storage accelerator chip at Dell Technologies Inc. (NASDAQ:DELL) World, targeting a market it values at $5 billion.
- Q1 revenue $137.2M, up 43%. Optical data center guidance raised to $150M–$170M.
- Per Benzinga Analyst Stock Ratings, Loop Capital sets the post-earnings high at $75 (Buy, upgraded from $17). Needham follows at $60 (Buy), with Deutsche Bank at $40 (Hold) marking the low end of recent calls. The stock trades near $87, above every published Street target.
1. Rackspace Technology Inc. (NASDAQ:RXT) — Up 381%
Rackspace is the comeback story of the year. In mid-April, the stock traded below $1 per share. Heavy debt, persistent losses.
The market had essentially given up. Then on May 7, the company reported first-quarter earnings that beat revenue expectations, and announced a partnership with Advanced Micro Devices Inc. (NASDAQ:AMD) to build a new enterprise AI cloud product.
The stock jumped 55% in a single session, then pushed past $5 the following week. From $0.88 to $5 in a month, part fundamentals, part short squeeze.
- Q1 revenue $678M, up 2.6% YoY, slightly above consensus.
- Per Benzinga Analyst Stock Ratings, the consensus rating is Hold with an average target of $2.50. RBC Capital sets the most recent high at $2.50 (Sector Perform), while BMO Capital’s $1.40 anchors the low end. The stock trades near $5.77, roughly 3x the consensus.
| # | Company | Current Price | 1-Month Return |
|---|---|---|---|
| 1 | Rackspace Technology Inc. | $5.77 | +381% |
| 2 | MaxLinear Inc. | $87.00 | +312% |
| 3 | agilon health inc. | $72.00 | +233% |
| 4 | Replimune Group Inc. | $4.44 | +212% |
| 5 | Bandwidth Inc. | $51.00 | +201% |
| 6 | Entravision Communications Corp. | $7.75 | +173% |
| 7 | Ambiq Micro Inc. | $71.00 | +141% |
| 8 | Innodata Inc. | $92.00 | +131% |
| 9 | Navitas Semiconductor Corp. | $14.00 | +116% |
| 10 | Backblaze Inc. | $7.37 | +110% |
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