What Happened?
Shares of semiconductor testing company FormFactor (NASDAQ: FORM) jumped 7.8% in the morning session after Deutsche Bank initiated coverage on the stock with a Buy rating and a $200.00 price target.
Deutsche Bank analyst George Brown stated that the company secured a position as a second source of probe cards for Nvidia GPUs at TSMC. Brown projected that initial sales from this supplier role will begin in the second half of 2026. According to the analyst's projections, FormFactor is targeting approximately 20% market share in this GPU probe card business. The firm highlighted that securing this market share could generate over $0.2 billion in sales by 2028.
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What Is The Market Telling Us
FormFactor’s shares are extremely volatile and have had 80 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 6 days ago when the stock dropped 3.9% on the news that the 10-year Treasury yield climbed to 5.14% following strong September business activity data that raised expectations for tighter Federal Reserve interest rate policy.
FormFactor is up 149% since the beginning of the year, and at $147.67 per share, it is trading close to its 52-week high of $159.93 from June 2026. Investors who bought $1,000 worth of FormFactor’s shares 5 years ago would now be looking at an investment worth $3,956.
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