Under the Spotlight: The top reads of 2025

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If 2025 had a soundtrack, it would’ve been equal parts excitement and anxiety. AI dominated markets like nothing before it, driving eye-watering rallies before sparking fresh fears of a bubble.

Gold surged as investors looked for shelter amid geopolitical tension and rate-cut speculation. Rare earths had their moment as supply chains became political again, while EVs and healthcare stocks reminded investors just how quickly sentiment can swing.

Markets were loud this year, but a few stocks really stood out. These were our most popular Under the Spotlight stories of 2025. Now we’re back with the updates and twists you didn’t see coming.

Oracle ($ORCL)

When we last wrote about Oracle ($ORCL) in October, shares were deep in euphoric territory. The stock had surged more than 130% from its April lows as the firm went all in on AI, funding a massive expansion. A US$18B bond sale to bankroll that push took the market by surprise, though a backlog of US$455B in cloud contracts went a long way to reassure. That included a US$300B deal with OpenAI, partnerships with Meta ($META), Nvidia ($NVDA) and AMD ($AMD), and ambitious plans to roll out dozens of new data centres globally.

Since then, the mood has shifted sharply. Concerns about ballooning capital expenditure, data-centre delays and the loss of a key investor have rattled markets, sending Oracle shares down around 45% from their September peak. Even so, the pullback follows a huge run. The stock ends the year up roughly 7.5%, sitting squarely at the centre of growing fears that the AI boom may be moving faster than returns can justify.

Lynas Rare Earths ($LYC)

Lynas ($LYC) spent much of 2025 in the geopolitical spotlight. As AI, EVs and defence spending turbocharged demand for rare earths, the company was cast as the West’s best shot at loosening China’s grip on a critical supply chain. When we last touched on Lynas, a fresh U.S.-Australia deal to build a secure pipeline of rare minerals saw the miner become one of the market’s most talked-about strategic plays.

That excitement sent shares soaring more than 230% by mid-October – then gravity kicked back in. As U.S.-China tensions cooled and export controls were pushed back, the trade lost some heat and the stock slid more than 40% from its peak. Even so, Lynas still ends the year up close to 90%. Analysts think there could be more to come, with the average price target sitting 30% above its current level, according to LSEG data.

BYD ($BYDDY)

When we put BYD ($BYD) Under the Spotlight in January, the big question was whether it could finally knock Tesla off its perch. Since then, the rivalry has taken a political turn. Elon Musk’s alignment with Donald Trump weighed on Tesla’s brand globally, hitting sales momentum and sending used Tesla prices sliding.

BYD, meanwhile, has kept its foot on the accelerator. It beat on revenue for 2024, reporting US$107B for 2024, compared to Tesla’s US$97.7B, and outpaced its rival on EV sales for the first time through much of 2025. Despite that, the market hasn’t been so generous. BYD shares are up just 4% year to date, compared with Tesla’s 25% gain. It’s a reminder that winning the business race doesn’t always mean winning over the market.

The VanEck Gold Miners ETF ($GDX)

If AI was the big theme of the year, gold was the ultimate hedge. When we wrote about the VanEck Gold Miners AUD ETF ($GDX) in October, gold fever had gripped markets. Prices were already up 50% since January, driven by trade tensions and expectations of interest rate cuts. It was enough to have Australians queuing along Martin Place to buy in. 

But the real stars of 2025 weren’t the bars and coins, they were the miners. The GDX ETF, which tracks 82 gold mining stocks, has surged around 140% this year, far outpacing gold’s 56% rise and leaving most major asset classes behind. Gold miners tend to magnify moves in the underlying metal, and in a year defined by uncertainty, that leverage worked powerfully in investors’ favour.

Sigma Healthcare ($SIG)

Back in February, Sigma Healthcare ($SIG) had just completed its merger with Chemist Warehouse, instantly reshaping the business and sending its share price jumping 20% in days. The deal lifted Sigma’s valuation from $8.8B to around $33B and brought 880 pharmacies under one umbrella, transforming it into one of the ASX’s largest healthcare groups.

Since then, the ride has been choppier, but resilient. Sigma shares are up around 8% for the year, a solid outcome in a sector where the ASX healthcare index is down roughly 25%. Analysts are mostly positive – the stock has an average price target 15% above current levels and of the 12 analysts covering it, eight rate it a buy opportunity, according to LSEG data.

This is not financial advice nor a recommendation to invest in the securities listed. The information presented is intended to be of a factual nature only. Past performance is not a reliable indicator of future performance. The author of this article and other employees of Stakeshop Pty Ltd may hold positions or have financial interests in the company (or companies) discussed above. As always, do your own research and consider seeking financial, legal and taxation advice before investing.