Last week delivered one of those rare moments when the market's biggest winners tell a clear story about where the money is flowing. Defense spending, AI infrastructure buildouts, and takeover speculation powered a diverse group of large-cap stocks sharply higher, reshaping who's leading the pack.

Here's the thing about these rallies: they weren't driven by earnings beats or product launches alone. Instead, we're seeing investors position for macro shifts—bigger defense budgets, the scrambling race to power AI data centers, and good old-fashioned M&A fever. Let's break down the ten large-cap stocks that dominated last week's leaderboard.

The Runaway Leader and the Biotech Buyout Buzz

Regencell Bioscience Holdings Limited (RGC) claimed the top spot with an 89.45% surge for the week. That's the kind of move that makes you check the ticker twice.

Right behind it, Revolution Medicines, Inc. (RVMD) jumped 51.38% after reports emerged that Merck is in talks to acquire the cancer drug maker in a deal potentially valued between $28 billion and $32 billion. When acquisition rumors hit with that kind of price tag, you can expect the stock to move. And move it did.

Defense Contractors Riding the Trump Budget Wave

Defense stocks had a field day last week, and the catalyst was pretty straightforward: President Donald Trump suggested he wants to increase the 2027 US military budget from $1 trillion to $1.5 trillion. That's a 50% jump, and defense contractors wasted no time rallying on the news.

Kratos Defense & Security Solutions, Inc. (KTOS) gained 36.12% for the week. B. Riley Securities piled on by raising its price target from $105 to $128, giving investors even more reason to pile in. The stock had already been climbing after Trump's budget comments, but the analyst upgrade added fuel to the fire.

AeroVironment, Inc. (AVAV) wasn't far behind, jumping 35.86% after announcing a partnership with Parry Labs to advance Modular Mission Systems for the U.S. Army's P550 UAS. When you're a defense contractor landing new military contracts in an environment where budget expansion is on the table, investors tend to take notice.

Karman Holdings Inc. (KRMN) soared 33.91% after signing an agreement to acquire Seemann Composites for $220 million. The broader rally in defense stocks didn't hurt either, with Trump's budget suggestions lifting the entire sector.

AI Power Infrastructure Heats Up

If you've been paying attention to the AI boom, you know that one of the biggest bottlenecks isn't the chips or the algorithms—it's the power. Training and running AI models requires massive amounts of energy, and companies are scrambling to secure reliable, scalable power sources for their data centers.

Bloom Energy Corporation (BE) gained 30.55% last week. The company recently announced a new credit agreement with Wells Fargo, establishing a $600 million senior secured multicurrency revolving credit facility that matures in December 2030. Access to capital matters when you're trying to scale energy infrastructure.

Oklo Inc. (OKLO) jumped 29.04% after announcing an agreement with Meta to advance plans for a 1.2 gigawatt power campus to support Meta's data centers. That's not a small project. When a tech giant like Meta is locking in that kind of power capacity, it signals just how serious the infrastructure demands have become for AI.

Sandisk's Pricing Power Play

Sandisk Corporation (SNDK) increased 33.15% after Tom's Hardware reported the company plans to double prices for 3D NAND used in enterprise solid-state drives in the first quarter of 2026. Pricing power is a beautiful thing when you can actually pull it off, and Mizuho analyst Vijay Rakesh clearly thinks Sandisk can. He maintains an Outperform rating and raised the price forecast from $250 to $410. That's not a minor tweak—that's a full-throated endorsement of the company's pricing strategy and market position.

Rounding Out the Top Ten

Applied Digital Corporation (APLD) increased 29.48% after reporting second-quarter adjusted earnings and revenue above estimates. Beating expectations is always nice, but in the current environment where data center and AI infrastructure plays are hot, it gave investors another reason to jump in.

Figure Technology Solutions, Inc. (FIGR) soared 29.33% after Keefe, Bruyette & Woods raised its price target from $52 to $62. Analyst upgrades can provide the nudge investors need, especially when they come with meaningful price target increases.

What It All Means

Last week's winners weren't random. They tell a story about where capital is flowing right now: into defense contractors betting on bigger budgets, into energy infrastructure companies racing to power the AI revolution, and into companies that might get acquired at hefty premiums. Whether these rallies have staying power depends on whether the catalysts that drove them actually materialize. But for now, these ten stocks are riding high on a mix of policy shifts, deal speculation, and infrastructure buildouts that have investors feeling optimistic.