Last week was a good one for large-cap stocks tied to quantum computing, artificial intelligence, and data centers. Investors piled into names that either got a direct check from the U.S. government or simply benefited from the warm glow of AI enthusiasm. Here's a look at the ten biggest large-cap gainers from the week of May 18 to May 22, and what drove their moves.

Arm Holdings plc (ARM) shot up 46.09%. The chip designer rode a wave of AI and semiconductor optimism, boosted by Nvidia's strong results and continued data center momentum. But it wasn't all smooth sailing: Chief Architect Richard Grisenthwaite sold about 24,000 shares around May 18, and the ongoing U.S. FTC antitrust probe into Arm's licensing practices remains a cloud on the horizon.

D-Wave Quantum Inc. (QBTS) gained 46.20% after announcing it signed a Letter of Intent with the U.S. Department of Commerce for $100 million in proposed funding. The money is meant to accelerate development and scaling of its annealing and gate-model quantum systems. That's a big vote of confidence from the government in a technology that's still finding its commercial footing.

Astera Labs, Inc. (ALAB) rose 40.61%. The move came after multiple Form 144 filings disclosed proposed sales totaling 280,000 shares worth roughly $60.4 million. That's a lot of insider selling, but the market didn't seem to mind — or maybe it was already priced in.

Credo Technology Group Holding Ltd (CRDO) jumped 27.64%. The company, which makes high-speed connectivity solutions for data centers, didn't have a specific catalyst, but it benefited from the broader AI infrastructure trade.

AST SpaceMobile, Inc. (ASTS) increased 20.30%. The space-based cellular broadband company had a rough first-quarter earnings miss — a loss of 66 cents per share on $14.74 million in revenue versus expectations for a loss of 23 cents on $37.63 million. But management reiterated its execution focus and targeted the launches of BlueBird satellites 8, 9, and 10 in mid-June. Investors seemed willing to look past the miss and focus on the future.

Guardant Health, Inc. (GH) jumped 22.03%. The U.S. Food and Drug Administration approved the company's Guardant360 Liquid CDx test, expanding its blood-based comprehensive genomic profiling capabilities for patients with advanced cancer. That's a clear regulatory win that opens up a larger addressable market.

IonQ, Inc. (IONQ) gained 27.48%. Quantum stocks traded higher in sympathy with industry peers after multiple companies received awards through the CHIPS Act. Notably, the U.S. Commerce Department took equity stakes in some of these firms, signaling a deeper government commitment to quantum technology.

Dell Technologies Inc. (DELL) increased 24.03% ahead of its upcoming earnings report on May 28. Wall Street analysts raised price forecasts, betting that the company's AI server business will continue to drive growth.

HP Inc. (HPQ) jumped 20.48%. The PC and printer maker didn't have a company-specific catalyst, but it likely rode the coattails of Dell's strength and broader tech optimism.

GlobalFoundries Inc. (GFS) gained 23.70%. The semiconductor manufacturer launched a new business called Quantum Technology Solutions, aimed at scaling U.S. quantum computing manufacturing capabilities. The U.S. Department of Commerce signed a letter of intent to award GlobalFoundries $375 million to support the expansion. In return, the department will receive a strategic equity stake of about 1% in the company. That's a notable move — the government is not just handing out grants but taking ownership positions in key technology firms.