Odaily Planet Daily report: The stock of a little-known European chip manufacturer surged over 70% on Wednesday after being heavily promoted by a popular social media account. The X account named Serenity posted that it had established a position in X-Fab Silicon Foundries SE, a company listed in Paris with six semiconductor manufacturing facilities worldwide. This X account has over 400,000 followers.
The post, which garnered over 500,000 views, triggered a retail trading frenzy and pushed X-Fab’s stock price up by as much as 77%. By afternoon, the stock had risen more than 30%, with trading volume reaching approximately 17 times its three-month average. The stock was halted multiple times due to extreme price volatility. “We have noticed the recent increase in the company’s stock price and trading volume,” said X-Fab CEO Damien Marc. “The company is currently not aware of any material developments that have not yet been disclosed.”
This is not the first time this year that European tech stocks have surged following Serenity’s recommendation; according to his profile, the user is both an “AI/semiconductor supply chain analyst” and an “AI research scientist.” X-Fab’s current stock price is approximately €12, more than double the analysts’ average target price of around €5.5. Data shows that among the eight analysts tracking the stock, only one has issued a “buy” rating. (Jin10)