Monolithic Power Systems (MPWR) surged 9.41% in 24-hour trading on Thursday, as the stock extended a powerful post-market rally following the release of its second-quarter fiscal 2026 results. The semiconductor company's shares skyrocketed after the closing bell, driven by financial results that handily exceeded Wall Street expectations and an upbeat outlook powered by artificial intelligence demand.

The company reported Q2 revenue of $980.6 million, a 47.6% year-over-year increase that beat the consensus estimate of $902.5 million. Adjusted earnings per share came in at $6.50, well above the $5.87 analyst forecast and up 54.4% from the prior year. The standout performer was the Enterprise Data segment, where revenue soared 164.3% year-over-year to $380.6 million, fueled by robust demand for power management solutions in AI and server applications. Communications revenue also jumped 78.3% on higher sales of power solutions for optical modules and switches.

Looking ahead, Monolithic Power issued third-quarter revenue guidance of $1.14 billion to $1.16 billion, significantly above the $985 million consensus estimate, reflecting continued momentum in AI infrastructure spending. The company's board also authorized an additional $500 million for stock repurchases, bringing the total buyback program to $1 billion. With analysts maintaining a strongly bullish consensus and an average price target near $1,800, the stellar results and optimistic guidance provided the catalyst for the sharp upward move.