On June 24, United Microelectronics Corporation (UMC) rose 6.49% in pre-market trading, trading at $27.76/share, extending its recent strong rebound. The rally was driven by multiple converging catalysts including a strategic partnership with Intel and robust quarterly results.

On the news front, Intel and UMC have reached an agreement to co-develop 3nm and 12nm process technologies, with production lines to be located at Intel's Arizona facility. The market expects the 12nm process to enter mass production next year and contribute revenue, allowing UMC to access advanced node capabilities without significant capital expenditure. Additionally, the company's embedded deep trench capacitor technology has successfully entered Qualcomm's supply chain and commenced shipments. On the fundamentals side, UMC reported Q1 net profit surging 108% year-over-year to NT$16.17 billion, with expectations of selective price increases of approximately 10% in the second half further bolstering the earnings outlook.

The broader semiconductor sector also showed strength, with Micron Technology up 2.94%, Intel up 1.91%, and Marvell Technology up 1.98%, providing additional tailwinds for market sentiment.

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