Taiwan's two most expensive stocks are trading places at the top, a sign that AI server demand is still driving the market even as the wider index pulls back.

• King Slide briefly passed Aspeed in intraday trading, knocking it off the top spot for the first time.
• Local investment funds have been buying King Slide for five straight days while selling Aspeed, and their money is now the deciding factor.
• Both companies rode the AI server boom: Aspeed makes the chips that let servers be managed remotely, King Slide makes the rails servers slide in and out on.
• King Slide's profit margin last quarter beat even TSMC's, which stunned the market.
• Aspeed was the first Taiwanese stock ever to trade above NT$10,000, and foreign brokers still set higher price targets for it than for King Slide.

Outlook: Which one wears the crown will likely keep flipping as long as fund managers keep rotating between them, with Aspeed still favored on analyst targets.