We recently published a list of These 10 Firms Blowing Up by Double Digits Today. In this article, we are going to take a look at where Tencent Music Entertainment Group (NYSE:TME) stands against other firms blowing up by double digits today.

Ten individual stocks soared by double digits on Wednesday, outperforming a lackluster performance among Wall Street’s indices, thanks to the 90-day truce between the US and China that continued to boost investor confidence.

In contrast, Wall Street’s indices were mixed, with the tech-heavy Nasdaq growing 0.72 percent, followed by the S&P 500, up 0.10 percent. The Dow Jones declined by 0.21 percent.

In this article, we name Wednesday’s 10 best-performing stocks and detail the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.Why Tencent Music Entertainment Group (TME) Skyrocketed On Wednesday

A singing performer silhouetted on a spotlighted online stage.

Tencent Music Entertainment Group (NYSE:TME)

Tencent Music jumped by 15.66 percent on Wednesday to end at $16.99 apiece as investor sentiment was boosted by a strong earnings performance in the first quarter of the year.

In its latest earnings release, Tencent Music Entertainment Group (NYSE:TME) said net income attributable to shareholders expanded by 202 percent to RMB4.291 billion from RMB1.422 billion registered in the same period last year.

Gross profit increased by 17 percent to RMB3.242 billion from RMB2.771 billion year-on-year, with online music services accounting for the largest revenue chunk.

In other news, Tencent Music Entertainment Group (NYSE:TME) recently renewed its multi-year licensing deal with Sony Music Entertainment and expanded its premium offerings, such as Dolby Atmos and 360 Reality Audio for SVIP members.

Following the results, Tencent earned a higher price target from investment firm Bernstein, which raised its price target to $15.50 from $15 apiece. Despite the price target significantly lower than the closing price, Bernstein remained optimistic about the company, as it maintained an “outperform” outlook.

Overall, TME ranks 4th on our list of firms blowing up by double digits today. While we acknowledge the potential of TME 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 time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than TME but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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

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