Stock Track | SMIC Soars 5.13% Intraday on Goldman Sachs Target Price Hike and AI Demand Optimism

Stock Track04-24

SMIC's stock price surged 5.13% during intraday trading on Friday, significantly outperforming the broader market.

The sharp rise follows a recent target price upgrade from Goldman Sachs, which raised its price target for SMIC's H-shares to HKD 83.5. The investment bank cited continuously rising demand for AI-related semiconductors and expansion by fabless chip design companies as key drivers for a long-term uptrend.

Additionally, market sentiment was bolstered by SMIC's disclosure of progress in its corporate restructuring efforts, including responses to regulatory inquiries regarding a share issuance for asset acquisition and a related-party transaction application.

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