[DigitalToday reporter Jinju Hong] In August, U.S. stocks that had been pinned down by Wall Street’s leading bearish arguments rebounded in large numbers.

CNBC, an economic media outlet, reported on Aug. 31 (local time) that Jim Cramer assessed that major gainers in the S&P 500 reversed worries over artificial intelligence threats, a growth slowdown and deteriorating business conditions through earnings and changes in supply and demand, as the month’s final trading day arrived.

Moderna stood out the most. Moderna rose to the top tier of S&P 500 returns in August after announcing promising results for an experimental melanoma vaccine being co-developed with Merck. Its shares had been under pressure for years after demand for COVID-19 vaccines fell, but the results shook skepticism over whether messenger RNA technology could deliver another major breakthrough. Cramer called it “miraculous, and the market’s reaction was miraculous,” he said.

Enterprise software stocks were also at the center of the August rebound. Palantir, Veeva Systems, Salesforce and ServiceNow had faced selling pressure on worries that legacy software could lose competitiveness in the AI era. The impact was amplified by the positioning of the high-leverage hedge fund Situational Awareness, which had placed large bets on a software-stock decline. The fund closed out trades in late July.

Cramer said of the August market that it was “hard to believe that the fallout from a hedge fund’s collapse dictated a significant part of the month’s moves,” he said. He meant that as the shock from supply and demand eased, company-specific fundamentals came back into focus.

More specifically, Palantir was re-rated for having both revenue growth and profitability. Salesforce weakened the so-called “software-as-a-service end” worries with solid quarterly results. ServiceNow rose after showing it could successfully combine AI with its existing business, and life-sciences-focused Veeva Systems also rebounded amid a view that fears AI would damage its business were excessive. “The rebound in extremely depressed software stocks was breathtaking,” Cramer said.

Gartner was also included in the rebound group. Concerns had been raised that AI models such as Anthropic’s Claude could reduce demand for technology research, but Cramer judged that such an impact did not show up clearly in the actual business.

Outside software, Newmont benefited from signs of a rebound in gold prices. Gold prices surged through last year and early 2026 before peaking, and as a recovery move emerged, gold miners gained support. Cramer added, however, that within the sector he preferred Agnico Eagle Mines.

Paramount Skydance was also cited as an August rebound stock. With a Warner Bros Discovery acquisition proposal delayed, California Attorney General Rob Bonta last week canceled a meeting with Paramount Skydance, saying the company “lacked good faith” in initial settlement talks. The market had a view that Paramount was paying too much for the takeover, and the fact that the deal was slowed instead helped the stock.

Super Micro Computer and Sandisk benefited from growing memory demand for AI data centers. Super Micro Computer rose even as scrutiny continued around its China business. Sandisk rebounded strongly in August after its shares plunged more than 46 percent in July. The stock, however, was still about 33 percent below its late-June closing peak.

Coinbase, a cryptocurrency-related stock, also made the list of top gainers in August. As the cryptocurrency market rebounded, Coinbase shares rose as well. Cramer pointed to worries about expanded U.S. government spending and higher costs of servicing national debt as spurring preference for hard assets seen as a hedge against a weaker dollar, with that flow extending to cryptocurrencies. Coinbase has positioned itself as a representative proxy for investors seeking exposure to the broader cryptocurrency market, he added.

The August rebound showed that fears that AI would uniformly replace existing industries, worries about a software-sector slowdown and macro uncertainty can be recalibrated in the face of actual company performance and shifts in supply and demand. As a result, the market focused on whether the rebound trend would continue in September, centering on stocks with confirmed earnings improvement and sectors with easing supply-demand burdens.