Thai semiconductor DRs surged as much as 75% in a month as AI fever gripped global markets, according to a research from Finansia Syrus Securities. Still, the brokerage house urges a balanced hand, cautioning that stretched valuations and concentration risk may leave latecomers exposed.
Thailand’s Depositary Receipt market is expanding rapidly. As of May 2026, 378 DRs are listed on the Thai exchange, with 26 new securities added in May alone. The bulk of fresh listings cluster in AI infrastructure, energy, and technology — reflecting global investor appetite for exposure to the artificial intelligence buildout without leaving baht-denominated markets.
Finansia Syrus Securities, in its latest DR Global Investor report, describes the environment as one of “full-blown AI euphoria” for chipmakers. Semiconductor-linked DRs dominated the monthly performance charts, powered by relentless capital flows into AI infrastructure plays across both U.S. and Asian exchanges.
The divergence between technology and consumer-oriented DRs was stark over the past month, said Finanisia. Chip-related securities swept the top-performer list, while consumer discretionary and entertainment names clustered at the bottom.
Top performers
NVTS03
+75.1%
DDOG19
+71.3%
MICRON01
+62.8%
INTEL03
+61.0%
SNDK23
+59.3%
AMD80
+58.2%
QCOM06
+52.3%
KIOXIA23
+50.5%
RKLB03
+50.0%
PANW80
+46.3%
Bottom performers
RBLX06
−28.4%
LULU06
−25.8%
BILIBILI01
−19.9%
SHOP06
−18.8%
SANRIO23
−16.7%
NINTENDO19
−16.0%
HORIZON23
−15.5%
CHHONG19
−15.4%
SPOT06
−15.2%
BKNG03
−15.2%
Navitas Semiconductor Corp (NVTS03) led all DRs with a 75.1% gain, followed by Datadog Inc (DDOG19) (+71.3%) and MICRON01 (+62.8%). Intel, SanDisk, AMD, Qualcomm, Kioxia, and Palo Alto Networks all posted returns between 46% and 61%, underscoring how broadly the AI trade lifted the semiconductor ecosystem.
On the opposite end, consumer-facing names bore the brunt of investor rotation. Roblox Corp (RBLX06) fell 28.4%, Lululemon’s DR (LULU06) dropped 25.8%, and Bilibili (BILIBILI01) lost nearly 20%. Japanese entertainment and gaming DRs — Nintendo and Sanrio — also declined sharply as capital shifted toward technology.
Despite the momentum, Finansia’s strategists are urging restraint. The brokerage frames the current environment as a transition into a “new full investment cycle,” with AI- and technology-related stocks entering a stronger phase supported by better-than-expected earnings. However, analysts flag two key risks: elevated valuations across the AI segment, and profit-sustainability concerns for companies that have yet to clearly benefit from AI deployment.
Finansia’s recommended move for investors is one of calibrated diversification: maintain exposure to AI and technology for growth potential, but trim concentration and avoid chasing securities trading at stretched multiples. The note also suggests considering exits from the AI cluster as a hedging measure against the risk of a sharp pullback.
Beyond the U.S. names, the report highlights a growing pipeline of Asian DRs — spanning technology conglomerates, consumer groups, and Japanese equities. This expansion gives Thai retail investors broader geographic diversification options within the DR structure, an important consideration if U.S.-heavy AI exposure begins to look crowded.
