On June 1, Tower Semiconductor rose 7.94% overnight, trading at $275.5 USD/share, with trading volume of $1,378.

On the news front, on May 30, Tower Semiconductor's core customer Innolight issued a formal statement characterizing the previously circulated rumors regarding Fab 9 factory's 1.6T silicon photonics chip yield issues as maliciously fabricated false information intended to manipulate stock prices. The customer explicitly stated it had never mentioned such risks in earnings reports or conference calls. Tower's representatives also responded that process tuning issues are industry norms that do not affect long-term customer relationships or capacity expansion plans, adding that 800G silicon photonics chip yields have been adjusted to relatively high levels while 1.6T remains in normal iteration.

The stock had previously declined over 13% from its 52-week high of $302.86 as the unverified yield rumors weighed on sentiment. The decisive rebuttal from a key customer effectively dispelled market concerns and triggered a sharp rebound.

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