AI server demand has pushed profits at high-end copper foil maker Co-Tech to a record high, good news for shareholders, though the broader market was mired in high-level volatility at the same time.

• Co-Tech's July revenue hit a single-month record, up roughly 55% year-on-year, and its share price surged more than 5% during the session.
• Second-quarter net profit after tax rose 226% from a year earlier, with first-half earnings of NT$4.22 per share.
• Growth momentum comes from AI data centres: the new GP999 copper foil cuts power consumption by 8% to 10% and has been certified by two major cloud service providers.
• Orders for the high-frequency, high-speed product line are brisk, with order visibility already extending to the end of next year.
• Taiwan's benchmark index climbed to 45,160 points in early trade that day before turning negative and narrowing its gains, closing at 44,933 points on sharply reduced turnover; rising US Treasury yields and higher oil prices weighed on US stocks.

Outlook: Co-Tech's order book is underpinned by AI demand and its near-term operations look promising, but the broader market is see-sawing around its quarterly moving average, with yields and oil prices remaining the biggest variables.