ASE Technology (ASX) Hits Record High on AI Fuel

We recently published 10 Stocks With Eye-Popping Gains; 7 Soar to Fresh Highs. ASE Technology Holding Co., Ltd. (NYSE:ASX) is one of the top performers on Monday.

ASE Technology extended its winning streak to a second day on Monday to touch a new all-time high, as investors loaded portfolios amid the growing optimism for semiconductor and artificial intelligence stocks.

At intra-day trading, ASE Technology Holding Co., Ltd. (NYSE:ASX) surged to a new 52-week record of $11.52 before trimming gains to close the day just up by 9.93 percent at $11.51 apiece.

ASE Technology (ASX) Hits Record High on AI Fuel

Photo by Yogesh Phuyal on Unsplash

ASE Technology Holding Co., Ltd. (NYSE:ASX) mimicked the rally of its semiconductor counterparts, supported by a key player’s report last week of a stellar earnings performance in the second quarter of the year, alleviating concerns for the AI industry.

In other news, ASE Technology Holding Co., Ltd. (NYSE:ASX) dropped its net income attributable to shareholders in the second quarter of the year by 3.6 percent to NT$7.5 billion from NT$7.8 billion in the same period last year.

Total revenues grew by 7.5 percent to NT$150.7 billion from NT$140.2 billion year-on-year.

While we acknowledge the risk and potential of ASX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ASX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.