ACM Research (ACMR) Gets 22% Boost From US-China Chip Tensions

We recently published 10 Stocks Defy Chaos With Jaw-Dropping Gains. ACM Research, Inc. (NASDAQ:ACMR) is one of the top performers of last week.

ACM Research jumped by 22.02 percent week-on-week, mirroring the surge in Chinese semiconductor stocks amid news that Nvidia Corp. could suspend the supply of H20 AI chips to China.

While originally a US-based company, ACM Research, Inc. (NASDAQ:ACMR) does the majority of its business in China and is currently benefiting from the rally in Chinese stocks following rumors that Nvidia asked its component suppliers to halt production after the Chinese government ordered local technology companies to stop buying the said chips over security concerns.

ACM Research (ACMR) Gets 22% Boost From US-China Chip Tensions

The crackdown sparked buying interest in stocks of ACM Research, Inc. (NASDAQ:ACMR), which, despite originally being a US-based company, does the majority of its business in China and manufactures wafer processing equipment crucial to the production of semiconductors.

In other news, ACM Research, Inc. (NASDAQ:ACMR) saw its attributable net income jump by 23 percent in the second quarter of the year to $29.76 million from $24.21 million in the same period last year. Revenues were also higher by 6 percent to $215 million from $202 million year-on-year.

Boosted by the strong earnings performance during the past quarters, ACM Research, Inc. (NASDAQ:ACMR) said it was maintaining its growth outlook for the year, with revenues targeted to hit $850 million to $950 million.

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