ASE Technology (ASX) Touches New High as Investors Hunt for Semiconductor Stocks

We recently published Market Downturn? Not for these 10 Stocks; 7 Jump to Record Highs. ASE Technology Holding Co. Ltd. (NYSE:ASX) is one of the best performers on Thursday.

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.

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.