Market Downturn? Not for these 10 Stocks; 7 Jump to Record Highs

Ten big names soared higher on Thursday, defying a broader pessimistic market, thanks to a flurry of positive industry developments that spilled over to their stocks. Of the 10 firms, seven notably propelled to new all-time highs.

In contrast, the Dow Jones fell 0.65 percent, the S&P 500 dropped 0.63 percent, and the tech-heavy Nasdaq declined by 0.47 percent.

In this article, we focus on the 10 top-performing companies on Thursday and break down the reasons behind their gains.

To come up with the list, we focused exclusively on mid-cap stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.

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10. ASE Technology Holding Co. Ltd. (NYSE:ASX)

ASE Technology jumped to a new all-time high on Thursday, as its stock continued to benefit from investors’ semiconductor hunting game amid the growing demand from the artificial intelligence (AI) sector.

In intra-day trading, ASE Technology Holding Co. Ltd. (NYSE:ASX) jumped to its highest level of $12.84 before paring gains to end the day just up by 5.45 percent at $12.58 apiece.

Additionally, the rally was supported by reports that one of its subsidiaries acquired a plant engineering project from Acter Group for T$1 billion ($32.6 million) as part of its expansion plans.

In other developments, ASE Technology Holding Co. Ltd. (NYSE:ASX) earlier this month broke ground for a new $579 million plant in Kaohsiung as it aims to expand the production of advanced 3D chip on wafer on substrate (CoWoS) IC packaging services.

The project is expected to generate nearly 2,000 new jobs and be completed in the first quarter of 2028.

9. Micron Technology Inc. (NASDAQ:MU)

Micron Technology soared to a new all-time high on Thursday following bullish analyst ratings and news that it officially secured the green light of the state of New York for a power line that would connect to its planned $100 billion semiconductor plant.

During the trading session, Micron Technology Inc. (NASDAQ:MU) surged to its highest 52-week price of $206.34 before trimming gains to close the day just up by 5.52 percent at $202.53 apiece.

The intra-day rally was primarily boosted by UBS and Citigroup’s bullish coverage for the stock, giving it a “buy” recommendation with higher price targets of $245 and $240, respectively.

According to the analysts, Micron Technology Inc. (NASDAQ:MU) is expected to benefit from the worsening shortage of data storage, with demand from hyperscalers now doubling year-on-year.

After market hours, Micron Technology Inc. (NASDAQ:MU) secured the approval of the New York State Public Service Commission for the development of a new transmission line that would support power supply to its semiconductor megafab facility in Onondaga County.

Over the next 20 years, the facility is expected to generate 50,000 jobs, including 9,000 direct positions.