Most Active Stocks Today (December 5, 2025): Streaming Megadeal, Penny-Stock Frenzy and AI Volatility Drive Wall Street

U.S. stocks finished modestly higher on Friday, December 5, 2025, with the S&P 500 edging about 0.2% higher and ending just a fraction below its all‑time closing high. The Dow and Nasdaq also gained around 0.2–0.3% as a cooler‑than‑feared inflation report reinforced expectations that the Federal Reserve will deliver a rate cut at next week’s meeting.  Investopedia

Under the surface, trading was dominated by a handful of names: a blockbuster Netflix–Warner Bros. Discovery deal, a speculative penny‑stock in TikTok e‑commerce, fintech capital raises, and a cluster of AI and robotics plays all landed in the list of most active U.S. stocks by volume.

Note: Prices and percentage moves below refer to regular U.S. trading hours on December 5, 2025, based primarily on end‑of‑day data from StockAnalysis.com and major newswires.  StockAnalysis
This article is informational only and does not constitute investment advice.

Market backdrop: indexes near record highs as Fed cut hopes build

Friday’s trading session unfolded against a relatively calm macro backdrop:

• The S&P 500 and Dow Jones Industrial Average both rose about 0.2%, while the Nasdaq Composite climbed 0.3%, leaving all three major indices within roughly 1–2% of their record highs.  Investopedia
• The Fed’s preferred inflation gauge, the core PCE index, rose around 2.8–2.9% year‑over‑year for September, broadly in line with expectations and reinforcing bets that the Fed will cut rates by 25 bps at its meeting next week.  Investopedia
• Market commentary framed it as a “Goldilocks” backdrop: inflation moving closer to the Fed’s target while growth and earnings remain solid.

Against this backdrop, deal headlines and speculative trading drove some eye‑popping moves in individual names.

The 10 most active U.S. stocks today (by share volume)

Based on end‑of‑day volume data, these were the most heavily traded U.S. stocks on December 5, 2025:  StockAnalysis

1. Paranovus Entertainment Technology (PAVS) – tiny cap, sub‑$1 penny stock, up roughly mid‑teens % on over 1 billion shares traded.
2. Warner Bros. Discovery (WBD) – media & streaming, up around 6%, nearly 200 million shares traded.
3. iRobot (IRBT) – consumer robotics, up more than 20%, ~145 million shares.
4. Nvidia (NVDA) – AI chip giant, down about 0.5%, ~140+ million shares.  Investopedia
5. SoFi Technologies (SOFI) – fintech platform, down about 6%, ~137 million shares.  Investing
6. Inno Holdings (INHD) – micro‑cap building tech/Web3 pivot, up around 11%, ~136 million shares.  Stock Titan
7. Netflix (NFLX) – streaming giant, down roughly 3%, ~133 million shares.  Investopedia
8. BigBear.ai (BBAI) – small‑cap AI contractor, modestly down on the day after a big prior‑day spike, ~113 millionshares.  Finviz
9. Strive / Asset Entities (ASST) – Bitcoin‑treasury‑focused micro‑cap, down almost 8%, ~109 million shares.  StockAnalysis
10. Dreamland Limited (TDIC) – Hong Kong event‑management micro‑cap, up more than 40%, ~106 million shares.  StockAnalysis

This mix neatly tells the story of today’s market: mega‑cap AI and streaming leaders trading alongside ultra‑speculative small‑caps reacting to capital raises, new funding agreements and sector hype.

Let’s go through the key names, the news behind the moves, and what analysts and forecasts are saying.

1. PAVS: TikTok‑commerce pivot turns into a volume explosion

Ticker: PAVS
Sector: E‑commerce / social‑commerce (TikTok‑related)
Move: ~+16% on >1 billion shares traded  StockAnalysis

Paranovus Entertainment Technology, once a tiny and largely overlooked name, became the most traded stock in the U.S. today after releasing explosive interim results:

• Revenue for the six months ended Sept. 30, 2025 jumped from about $68k a year earlier to $12.4 million, a staggering ~18,037% year‑over‑year increase.  PR Newswire
• The company swung from a net loss of roughly $412k in the 2024 interim period to a small net profit of about $98k.  PR Newswire
• Management credited the growth to its U.S. subsidiaries, which focus on e‑commerce product sales and TikTok‑oriented branding, consulting and ad‑production services, following a strategic pivot and acquisitions completed earlier in 2025.  PR Newswire

Despite today’s bounce, some coverage notes that PAVS remains down heavily year‑to‑date and has been fighting to maintain Nasdaq listing compliance after trading below $1 for long stretches.  Market Chameleon

How analysts frame it:

• The numbers show that the new strategy can generate revenue, but PAVS is still tiny, illiquid by institutional standards, and exposed to execution risk and dilution.
• There’s no widely followed Wall Street coverage yet; most commentary comes from speculative trading communities and small‑cap blogs.

For now, PAVS is a classic high‑risk, story‑driven penny stock where a single press release can drive enormous volume.

2. The Netflix–Warner Bros. Discovery shockwave: WBD soars, NFLX wobbles

Warner Bros. Discovery (WBD): takeover premium fuels a breakout

Move: roughly +6%, nearly 200M shares traded, hitting fresh 52‑week highs.  StockAnalysis

The key catalyst:

• Netflix agreed to acquire Warner Bros. Discovery’s film & TV studios and streaming division, including HBO/HBO Max and DC Entertainment, in a cash‑and‑stock deal valued at about $72B in equity and $82.7B including debt. Warner shareholders are slated to receive $27.75 per share after WBD spins off its linear TV networks into a new company, Discovery Global.  Reuters
• The transaction follows a bidding war involving Paramount Skydance and Comcast; Netflix ultimately topped rival offers with a bid close to $28 per share, representing more than 120% premium to WBD’s price before takeover rumors surfaced in September.  Reuters

Market reactions:

• WBD shares jumped as investors welcomed what many see as an exit route from a heavy debt load and strategic uncertainty that has dogged the company since the 2022 AT&T spin‑off and Discovery merger.  Investopedia
• Some research notes highlight that while the premium is substantial, the deal’s closing risk—regulatory and political—remains high, which is why WBD still trades below the headline offer price.  Reuters

Netflix (NFLX): buying Hollywood’s crown jewels at a high price

Move: roughly ‑3% on the day, with intraday losses reaching nearly ‑4%, volume above 130M shares.  Investopedia

Key deal points and market concerns:

• Netflix is effectively “becoming the studio it once disrupted”, securing a century‑spanning library that includes Harry Potter, Game of Thrones and DC superheroes, plus the HBO/HBO Max platform.  Reuters
• The deal is one of the largest media transactions in history—comparable in scale to Disney’s purchase of 21st Century Fox—pushing Netflix deeper into traditional studio economics, with theatrical releases alongside streaming.  FXStreet
• Analysts and commentators flag several risks:
  • A substantial debt burden to finance the cash portion.  Seeking Alpha
  • Complex integration of HBO Max and Warner’s production machine into Netflix’s existing culture and tech stack.  Trendz365
  • A high likelihood of intense antitrust scrutiny in the U.S. and Europe, with critics warning the deal could dramatically reduce competition in streaming.  Reuters

Forecast & analyst tone:

• Some bulls see the acquisition as the decisive move that ends the streaming wars, giving Netflix unmatched scale, content depth and pricing power over the long term.  Investing
• Skeptics argue that short‑term, the stock is more of a high‑stakes merger‑arbitrage bet on execution, regulatory approvals and synergy realization. Several notes and opinion pieces call Netflix a “sell” or “hold” until there’s clarity on regulatory timelines and synergy numbers.  Seeking Alpha

3. SoFi Technologies (SOFI): big equity raise tests a hot fintech rally

Move: about ‑6% on very heavy volume (~137M shares).  StockAnalysis

The sell‑off came after SoFi announced a large common‑stock offering:

• SoFi is raising about $1.5 billion by selling 54,545,454 shares at $27.50 each, roughly 7% below Thursday’s close of $29.60. Underwriters have a 30‑day option to buy over 8.1 million additional shares.  Investing
• Pre‑market trading saw the stock drop more than 7%; by later in the session it was down roughly 6%, but still up sharply year‑to‑date—around 90%+ in 2025, according to coverage.  Investing

SoFi says it will use proceeds for “general corporate purposes”, including bolstering capital, funding growth and increasing operational flexibility.  Investing

How the market reads it:

• The offering tests SoFi’s premium valuation after a huge 2025 rally.
• Bulls frame the move as proactive capital building for a still‑growing digital bank and lending platform.
• Bears worry about dilution and the signal that management prefers equity funding right after a big run, instead of relying more on retained earnings or debt.

Analyst opinions remain mixed, with many highlighting that SoFi’s path to sustainable profitability and credit quality in a slowing economy will be key to whether this pullback becomes a buying opportunity or the top of the cycle.  Yahoo Finance

4. iRobot (IRBT): “policy hype” meets distressed balance sheet

Move: +20–22% on ~145M shares – one of the sharpest moves on the most‑active list.  StockAnalysis

iRobot, maker of Roomba vacuum robots, has become a speculative vehicle again:

• The stock has more than doubled in a short span as traders react to reports that the White House is considering federal support for U.S. robotics manufacturing, which some investors view as a possible tailwind for domestic players like iRobot.  AInvest
• Options desks report unusually high call‑option activity, with traders betting on further upside; MarketBeat highlights a surge in call volumes and notes that Wall Street’s consensus rating is “Reduce”, with expectations of negative EPS (~‑$5.7) this fiscal year.  MarketBeat

Fundamentally, iRobot still faces:

• Weak revenue growth and negative cash flow after the collapse of the proposed Amazon acquisition earlier this year.
• A balance sheet that remains under pressure, with multiple research notes warning about liquidity and going‑concern risk if demand doesn’t recover or if new strategic options aren’t found.  AInvest

Many analysts characterize the current rally as policy‑driven speculation more than a reflection of near‑term fundamentals.

5. Nvidia (NVDA): AI giant consolidates while forecasts diverge

Move: around ‑0.5%, on very heavy volume (~88–140M shares depending on data source).  Yahoo Finance

Nvidia remains one of the most watched stocks on the planet:

• After a spectacular run that made it the world’s largest company by market cap with valuation near $4.4 trillion, NVDA has spent the past month in a sharp pullback, at one point more than 15% off its highs amid fears of an “AI bubble” and growing competition from custom chips at Google and other hyperscalers.  The Motley Fool
• Today, the stock spent much of the session up about 2% intraday before fading into a slight loss by the close, as traders digested vendor updates suggesting continued AI infrastructure spending.  TradingView

The narrative around Nvidia is increasingly polarized:

• A 24/7 Wall St. analysis lays out bull, base and bear scenarios for where NVDA could trade by 2030, reflecting huge uncertainty but also enormous earnings power if AI chip demand remains strong.  24/7 Wall St.
• A Yahoo Finance feature using ChatGPT‑informed scenarios notes that NVDA has dropped roughly 15% over the past month, despite still being up dramatically over the last two years, as investors worry about export controls, competition from TPUs, and saturation in AI capex.  Yahoo Finance
• Other commentary, including from Barron’s, points out that NVDA recently got a boost on reports that the company successfully lobbied for more favorable AI‑chip export rules, potentially preserving key overseas markets.  Alphaspread

In short, Nvidia’s presence on today’s most‑active list says less about any single headline and more about ongoing price discovery in what many see as the core stock of the entire AI trade.

6. BigBear.ai (BBAI): small‑cap AI rides national‑security narrative

Move: modest decline today after a prior 15% jump, with ~113M shares traded.  StockAnalysis

BigBear.ai, a volatile defense‑and‑AI small cap, remains a favorites’ favorite among AI speculators:

• Yesterday, the stock spiked over 15% to above $7 after a sharp early‑December sell‑off, as traders “bought the dip” and AI‑themed blogs highlighted it as one of the best performers in a list of “effortless” short‑term gainers.  Finviz
• Fresh research today from Zacks and Nasdaq focuses on the company’s positioning in national‑security AI, its Ask Sage acquisition, and whether demand from government and defense customers can fuel 2026 revenue growth.  Nasdaq
• Motley Fool coverage asks bluntly whether BigBear.ai is a “winning AI investment”, noting that revenue shrank in the most recent quarter even as the stock remains highly speculative and sensitive to sentiment.  The Motley Fool

Today’s slight pullback, after big gains, is typical for a stock that many traders treat more like a leveraged AI sentiment proxy than a long‑term core holding.

7. Inno Holdings (INHD): steel framing, Web3 ambitions, and heavy dilution

Move: roughly +11% on ~136M shares; price around $0.15.  StockAnalysis

Inno Holdings is a tiny company blending cold‑formed steel framing technology—used in prefab housing and construction—with an ambitious push into cross‑border B2B e‑commerce and Web3/Blockchain logistics platforms.  Benzinga Korea 한국

Key recent developments:

• A Web3 partnership with Megabyte Solutions to build a blockchain‑enabled B2B marketplace for cross‑border electronics and supply‑chain management.  Stock Titan
• A series of capital raises, including a $7.2M registered direct offering in September and a $50M “at‑the‑market” equity program, underscoring its need for funding and raising dilution concerns.  Stock Titan
• The stock underwent a 1‑for‑10 reverse split in 2024 to maintain Nasdaq listing, and now sits around a $1.8M market cap with very high volatility and short interest.  Stock Titan

A Meyka note describes INHD as a stock with “high volatility and potential”, but emphasizes that its tiny float, capital‑intensive strategy and history of sharp post‑news reversals make it suitable only for the most risk‑tolerant traders.  Meyka

8. Dreamland Limited (TDIC): equity purchase pact sparks a 40% spike

Move: about +40% on ~106M shares.  StockAnalysis

Dreamland, a Hong Kong‑based event‑management company specializing in themed walk‑through experiences built around cartoon and film IP, surged after announcing a significant equity funding agreement:

• The company entered an $18 million Equity Purchase Agreement with Hudson Global Ventures, giving Dreamland the right—but not the obligation—to sell up to $18M of ordinary shares over the next 24 months, at its discretion.  Quiver Quantitative
• As part of the deal, Dreamland is issuing 736,018 commitment shares and has agreed to file a registration statement to allow the investor to resell shares, a standard feature in such arrangements.  Quiver Quantitative
• The company recently disclosed that it received a Nasdaq minimum bid‑price deficiency notice—a warning that its share price had spent too long below $1.  StockAnalysis

Commentary from QuiverQuant and others highlights the pros and cons:

• Positives: additional capital and flexible funding that can be drawn over time.
• Negatives: potential shareholder dilution and signals that the company needs external funding to support operations.  Quiver Quantitative

With only about a dozen employees and 2024 revenue of roughly HK$45.8M (up more than 120% year‑over‑year, but with uneven profits), TDIC is firmly in micro‑cap territory.  StockAnalysis

9. Strive / ASST: Bitcoin‑treasury strategy meets micro‑cap volatility

Move: around ‑7–8% on ~109M shares.  StockAnalysis

ASST is the ticker for Strive Inc./Asset Entities, which is transforming into what it calls the first publicly traded asset‑management “Bitcoin treasury” company:

• Strive Asset Management has announced plans to combine with Asset Entities and build one of the largest corporate Bitcoin treasuries, aiming for 10,900 BTC holdings after acquiring Semler Scientific in an all‑stock deal.  StockAnalysis
• A prior $750M private investment and warrant structure could raise up to $1.5B to fund Bitcoin accumulation if fully exercised.  StockAnalysis

Market data from StockAnalysis and Investing.com show ASST:

• Trading around $0.90–0.92,
• With a 52‑week range stretching from roughly $0.33 to over $13, illustrating extreme volatility.  StockAnalysis

Recent flow includes:

• Options activity described as “moderately bullish” earlier this week, with implied volatility around 130% and a call‑heavy put/call ratio, according to TheFly.  TipRanks

Today’s drop likely reflects a combination of profit‑taking, the inherent volatility of Bitcoin‑linked equities, and the reality that the Strive/ASST story remains largely concept‑driven until clearer financials emerge post‑combination.

10. Themes behind today’s most active stocks

Across all of these names, a few clear themes emerge:

1. Mega‑deal M&A and industry consolidation
   • The Netflix–Warner Bros. Discovery deal instantly became the story of the day, reshaping the streaming landscape and driving huge volume in both stocks (plus sympathy moves in rivals like Paramount Skydance).  Reuters
2. Speculative mania in ultra‑small caps
   • PAVS, INHD, TDIC and ASST show how quickly tiny companies can swing double digits on news of revenue spikes, Web3 partnerships or flexible funding agreements—often against a backdrop of reverse splits, listing‑compliance issues and dilutive financings.  StockAnalysis
3. AI and robotics as hot but volatile narratives
   • Nvidia and BigBear.ai represent opposite ends of the AI spectrum—mega‑cap versus micro‑cap—yet both traded heavily as investors reassessed AI chip leadership, national‑security contracts and “next Nvidia” stories.
   • iRobot, meanwhile, shows how policy headlines (like possible federal support for robotics) can send a distressed company’s stock soaring even while fundamental analyst ratings remain cautious.  24/7 Wall St.
4. Capital raising in a still‑favorable macro environment
   • SoFi and Dreamland both tapped the equity markets—one from a position of strength after a huge rally, the other from a position of need as it fights to stay listed.
   • The willingness of markets to absorb these offerings, even with short‑term price hits, underscores that risk appetite remains alive as long as rate‑cut expectations hold.  Investing

What traders will watch next

Looking beyond today’s tape, here’s what market participants are likely to focus on:

• Federal Reserve meeting next week
  • Confirmation (or not) of a December rate cut could reshape risk appetite, particularly for richly valued growth and AI names.  Investopedia
• Regulatory reaction to Netflix–WBD
  • Early signals from U.S. and EU regulators on the antitrust review will influence how quickly merger‑arbitrage traders price in the deal’s probability of closing.  Reuters
• Follow‑through in speculative micro‑caps
  • Whether PAVS, INHD, TDIC and ASST hold their gains or mean‑revert will say a lot about how frothy the current risk‑on mood really is.
• AI and robotics policy headlines
  • Any concrete U.S. government initiatives around robotics or national‑security AI could continue to inject volatility into IRBT, BBAI and similar names.

Final word (and a quick disclaimer)

Today’s list of most active stocks tells a familiar late‑cycle story: big tech and AI remain in the driver’s seat, but pockets of speculation, leverage and dilution are everywhere in the small‑cap space.

Before acting on any of these moves, investors generally:

• Look beyond intraday spikes to fundamentals (cash flow, debt, dilution, competitive position).
• Consider position sizing and risk management, especially with penny stocks and highly volatile AI names.

This article is for informational and news purposes only and is not financial advice. Always do your own research or consult a licensed financial adviser before making investment decisions.