AI servers are driving demand for high-end PCB materials, sending the shares of materials maker Yaden limit-up for three consecutive days to a record high — good news for existing holders, but the risk of chasing the rally has risen in step.

• Yaden has posted three straight limit-up sessions, with the stock locked at NT$86.6, its highest level since listing.
• The rally has fundamental support: July revenue hit a nearly 55-month high and has now grown for four consecutive months.
• The company is betting on PI, PTFE and advanced packaging materials, riding the wave of demand from AI, high-speed transmission and advanced packaging.
• Foreign investors and proprietary dealers have been heavy buyers recently, but day trading has surged past 60% of turnover, leaving the shareholder base unsettled.
• The stock has been flagged for surveillance, and its distance from its moving averages has widened too far, raising the prospect of a pullback.

Outlook: The risk of choppy trading at elevated levels is high in the short term, and if volume fails to keep pace, the limit-up run could reverse at any time.