Ambiq Micro (AMBQ) shares soared 9.01% in pre-market trading on Thursday, building on the momentum from its highly successful initial public offering (IPO) and first day of trading. The surge comes after the chip designer's stock closed up more than 60% in its market debut on Wednesday.

Ambiq Micro, an Austin-based company specializing in ultra-low power semiconductors for AI applications, raised $96 million in its upsized IPO. The company priced its offering of 4 million shares at $24 each, at the high end of its marketed range of $22 to $25. On its first trading day, Ambiq's stock opened at $24 and climbed as high as $48.35 before closing at $38.53, marking a 60.5% increase from its IPO price. This strong performance gave the company a market value of approximately $680 million.

Investors appear to be excited about Ambiq Micro's potential in the growing market for AI-capable devices with limited power resources. The company's chip technology promises to deliver up to five times lower energy consumption compared to traditional chips, enabling AI functions in wearable products like smartwatches and fitness trackers. Ambiq is also targeting emerging markets such as augmented and virtual reality glasses, where its low-power chips could support running large language models on device. With major customers including Google, Garmin, and previously Huawei, Ambiq Micro is well-positioned to capitalize on the increasing demand for energy-efficient AI-capable semiconductors in various smart devices.