UMC's Stock Rally Looks Unjustified

Dow Jones

07/28

0436 GMT - United Microelectronics Corp.'s share-price rally seems unjustified to Bernstein. UMC's stock has more than doubled so far this year despite a recent slump. The advance has been driven by the expectation of price increases for mature nodes and spillover demand from TSMC. However, Bernstein's recent channel checks show there has been only a high-single-digit price hike so far in 2H. That isn't enough to support such a rally, its analysts write. They add that UMC has accelerated its push into silicon photonics, but that will likely take years to materialize even if the chip manufacturer succeeds. Meanwhile, the analysts think prices for 8-inch mature nodes will drop in the long term due to competitive pressure from China. UMC shares fall 9.9% to NT$113.50. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

July 28, 2026 00:36 ET (04:36 GMT)

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UMC's stock has more than doubled so far this year despite a recent slump. The advance has been driven by the expectation of price increases for mature nodes and spillover demand from TSMC. However, Bernstein's recent channel checks show there has been only a high-single-digit price hike so far in 2H. That isn't enough to support such a rally, its analysts write. They add that UMC has accelerated its push into silicon photonics, but that will likely take years to materialize even if the chip manufacturer succeeds. Meanwhile, the analysts think prices for 8-inch mature nodes will drop in the long term due to competitive pressure from China. UMC shares fall 9.9% to NT$113.50. (sherry.qin@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 28, 2026 00:36 ET (04:36 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UMC's Stock Rally Looks Unjustified</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUMC's Stock Rally Looks Unjustified\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2026-07-28 12:36</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0436 GMT - United Microelectronics Corp.'s share-price rally seems unjustified to Bernstein. UMC's stock has more than doubled so far this year despite a recent slump. The advance has been driven by the expectation of price increases for mature nodes and spillover demand from TSMC. However, Bernstein's recent channel checks show there has been only a high-single-digit price hike so far in 2H. That isn't enough to support such a rally, its analysts write. They add that UMC has accelerated its push into silicon photonics, but that will likely take years to materialize even if the chip manufacturer succeeds. Meanwhile, the analysts think prices for 8-inch mature nodes will drop in the long term due to competitive pressure from China. UMC shares fall 9.9% to NT$113.50. (sherry.qin@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 28, 2026 00:36 ET (04:36 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4526","symbol_name":"熱門中概股","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2654078156","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2654078156","pubTimestamp":1785213360,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0436 GMT - United Microelectronics Corp.'s share-price rally seems unjustified to Bernstein. UMC's stock has more than doubled so far this year despite a recent slump. The advance has been driven by the expectation of price increases for mature nodes and spillover demand from TSMC. However, Bernstein's recent channel checks show there has been only a high-single-digit price hike so far in 2H. That isn't enough to support such a rally, its analysts write. They add that UMC has accelerated its push into silicon photonics, but that will likely take years to materialize even if the chip manufacturer succeeds. Meanwhile, the analysts think prices for 8-inch mature nodes will drop in the long term due to competitive pressure from China. UMC shares fall 9.9% to NT$113.50.  Dow Jones NewswiresJuly 28, 2026 00:36 ET Copyright  2026 Dow Jones & Company, Inc.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4526":"热门中概股","BK4605":"半导体精选","BK4141":"半导体产品","BK4554":"元宇宙及AR概念","UMC":"联电"},"translate_title":"联电股价上涨看起来不合理","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UMC":1.97},"content_text":"0436 GMT - United Microelectronics Corp.'s share-price rally seems unjustified to Bernstein. UMC's stock has more than doubled so far this year despite a recent slump. The advance has been driven by the expectation of price increases for mature nodes and spillover demand from TSMC. However, Bernstein's recent channel checks show there has been only a high-single-digit price hike so far in 2H. That isn't enough to support such a rally, its analysts write. They add that UMC has accelerated its push into silicon photonics, but that will likely take years to materialize even if the chip manufacturer succeeds. Meanwhile, the analysts think prices for 8-inch mature nodes will drop in the long term due to competitive pressure from China. UMC shares fall 9.9% to NT$113.50. (sherry.qin@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 28, 2026 00:36 ET (04:36 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}