European Chipmaker X-Fab Shares Surge Over 70% Following Social Media Endorsement

A European chipmaker's stock soared over 70% on Wednesday after receiving a strong recommendation from a popular social media account. According to Odaily, the X account named Serenity announced its investment in X-Fab Silicon Foundries SE, a Paris-listed company with six semiconductor manufacturing sites worldwide. The account boasts over 400,000 followers. The post, which garnered over 500,000 views, sparked a frenzy among retail traders, causing X-Fab's stock price to surge by as much as 77%. By the afternoon, the stock was up more than 30%, with trading volume reaching approximately 17 times its three-month average. Due to the significant price fluctuations, trading was halted several times. "We have noticed the recent increase in our company's stock price and trading volume," said X-Fab CEO Damien Marc, adding that the company is not aware of any undisclosed significant developments. This is not the first time European tech stocks have surged following Serenity's recommendations. The account describes its owner as both an "AI/semiconductor supply chain analyst" and an "AI research scientist." X-Fab's current stock price is around 12 euros, more than double the average analyst target price of approximately 5.5 euros. Of the eight analysts tracking the stock, only one has given it a "buy" rating.