Cannabis, Psychedelics, And AI Stocks Are Wall Street’s Biggest Winners This Week

• While the S&P 500 closed up about 0.8% on Friday, the Nasdaq Composite rose 1.63%. 
• Trump announcements and solid corporate earnings drove significant rallies this week.

U.S. equities closed out a highly active week on Friday, with the S&P 500 and Nasdaq Composite ending the week near all-time highs, supported by strong earnings in the chipmaking and AI space, while policy support for cannabis and psychedelic research drove a few mid and small-cap pharma stocks higher.

While the S&P 500 closed up about 0.8% on Friday, marking its fourth consecutive week of gains, the Nasdaq Composite rose 1.63%.  

The following stocks clocked the highest gains this week:

Akanda Corp. (AKAN): Shares of Akanda exploded this week, surging more than 300% after the Trump administration advanced plans to reclassify marijuana as a Schedule III drug. The broader cannabis sector ignited on the policy shift, and AKAN recorded single-day gains as high as 214%.

Enveric Biosciences (ENVB): ENVB shares rocketed higher early in the week after President Trump’s executive order directing federal agencies to accelerate research and approval pathways for psychedelic therapies. The small-cap developer of psychedelic medicines for mental health surged more than 100% in a single session as investors bet on faster regulatory tailwinds in the sector. The company clocked its best week ever.

MaxLinear (MXL): MXL climbed sharply after the semiconductor company delivered a strong first-quarter earnings beat on Thursday and issued upbeat guidance that highlighted robust demand for its optical and connectivity chips in AI data centers. Revenue rose 43% year-over-year, beating estimates, and the raised outlook for the current quarter sent shares surging more than 75% in Friday’s session. The stock closed 130% higher this week, marking its best week to date.

Trio-Tech International (TRT): TRT stock soared as much as 67% on Thursday to a new all-time high as momentum traders piled into the stock. The company provides reliability testing services and specialized equipment that help chipmakers validate and stress-test products before they reach customers amid an overall increase in chip demand driven by AI infrastructure and data centers. The stock closed at $16.52 on Friday, after opening at just $7.05 at the week’s onset. 

Read More: ARWR Rallies 7% This Week As Europe Edges Closer To Redemplo Approval Amid Analyst Optimism

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