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 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 potential of ASX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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