Foreign Stocks: The AI Debate Continues
After months of uncertainty, AI stock prices have recently surged again, with the Nasdaq even reaching a new all-time high. However, the debate over valuations has not subsided. It’s said that it might be worth taking a look at second- or third-tier stocks.
September 24, 2026. FRANKFURT (Deutsche Börse). SK Hynix, Micron Technologies, Nvidia—trading in foreign stocks on the Frankfurt Stock Exchange is also primarily focused on semiconductors and AI. After a period of weakness driven by skepticism during the summer months, the stock prices of AI companies have recently been on the rise again. The Nasdaq 100 tech index even reached a new all-time high on Tuesday.
“The key drivers of the current trend remain stocks in the fields of artificial intelligence, software, and hardware,” explains Marc Richter, who trades foreign stocks for Steubing AG. Following the correction, however, momentum is now returning to the robotics sector as well. “Physical AI, humanoid robotics, and industrial automation are once again coming into sharper focus,” he notes. The key factor will be whether companies can live up to high investment expectations—with continued revenue and profit growth, stable margins, and a convincing outlook. “Investors are increasingly distinguishing between companies whose high valuations are supported by growth and cash flows, and stocks where expectations have already far outpaced the fundamental figures.”
SK Hynix in the lead. The foreign stocks with the highest trading volume on the Frankfurt Stock Exchange were most recently South Korea’s semiconductor company SK Hynix (US78392B1070), U.S. semiconductor manufacturer Micron Technologies (US5951121038), and U.S. graphics processor manufacturer Nvidia (US67066G1040). They were followed by Microsoft (US5949181045), Samsung (US7960508882), ASML (NL0010273215), Apple (US0378331005), Amazon (US0231351067), Alphabet (US02079K3059), and SpaceX (US84615Q1031).
Many Supporters for SK Hynix & Co.
There is still a great deal of optimism in the market regarding AI stocks. Goldman Sachs has just reaffirmed its “Buy” rating for SK Hynix with a price target of 3,500,000 Korean won (KRW), well above the current price of 1,862,000 KRW. The ongoing shortage of modern AI memory chips continues to provide the company with strong tailwinds, according to the report. Goldman is not alone in this view: Nearly all analyst teams expect SK Hynix’s stock price to rise even higher. Out of a total of 49 analysts, 46 recommend buying the stock, as shown by the stock analysis tool aktien.guide. Average price target: 3,111,000 KRW. The situation is similar for Nvidia: Of a total of 69 ratings, 65 are buy recommendations. Here, the average price target is $306 (currently $197). For Micron, 53 out of 58 brokerage firms recommend buying. The average price target is $1,555.50 (currently $930).
“Don’t Let the Ups and Downs of the AI Story Unsettle You”
“The key question is whether AI will make the leap from grand promises to measurable productivity gains,” says Maximilian Wienke of the trading platform eToro. He cites figures from the IMF indicating that AI could boost productivity in Europe by about 1.1 percent over five years. “That would be a gradual rather than a major short-term effect and shows that the economic application of AI may take more time.” In addition, he notes that high interest rates are a drag, as are high energy costs. He envisions an optimistic scenario involving a combination of clear regulation, falling oil prices and bond yields, as well as measurable AI productivity gains. In the risk scenario, stricter regulation would delay the development of new models, while inflation and yields would remain high. “Investors, however, should not let the ups and downs of the AI story unsettle them, but rather take a close look at which companies are convincing in the long term.”
Zhongji InnoLight: Strong Performance Following IPO
Steubing broker Richter draws attention to lesser-known stocks, specifically Zhongji InnoLight and ASBISc. “Zhongji InnoLight’s H-share, which launched in Hong Kong at the end of July, has risen significantly since its market debut and is among the beneficiaries of the current AI infrastructure boom,” he explains. Zhongji InnoLight is a Chinese manufacturer of high-speed optical modules and optical interconnect solutions for data centers and cloud infrastructure. “In particular, the massive expansion of AI data centers is increasing the need for laser technology products and thus driving strong demand.” The stock has also been tradable on the Frankfurt Stock Exchange since its listing.
ASBISc Sees Share Price Rise Fivefold
ASBISc Enterprises (CY1000031710) is also among the big winners of the current year. The Cyprus-based company is a leading IT distributor in Europe, the Middle East, and Africa, selling, among other things, servers, storage solutions, and components from manufacturers such as NVIDIA, AMD, Intel, Micron, and Supermicro. “ASBISc is currently benefiting greatly from the expansion of AI data centers and the correspondingly high demand for server, storage, and data center infrastructure,” explains Richter. The stock price has more than quintupled since the beginning of the year to just under 40 euros.
By Anna-Maria Borse, September 24, 2026 © Deutsche Börse AG
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Anna-Maria Borse is a finance and business editor specializing in financial markets, the stock market, and economic issues.
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