Silicon Motion Technology's stock surged 5.75% during intraday trading on Monday, extending its recent positive momentum.

The significant rise follows the company's release of a strong first-quarter earnings report, which showed record revenue of $342 million, representing a 105% year-over-year increase and beating market expectations of $299.5 million. Non-GAAP earnings per share came in at $1.58, well above the consensus estimate of $1.28.

Furthermore, the company provided optimistic guidance for the second quarter, projecting revenue between $393 million and $410 million, which reflects continued acceleration in its AI-related business segments. The broader strength in the semiconductor sector during the session provided additional support for the stock's upward movement.