The share price of Israeli chipmaker Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE:TSEM) rose 31.2% on Nasdaq last week, despite weakening slightly on Friday. The company now has a market cap of $18.4 billion, after leapfrogging Check Point Software Technologies Ltd. (Nasdaq: CHKP), and becoming the third most valuable Israeli company on Wall Street after Elbit Systems Ltd. (Nasdaq: ESLT; TASE:ESLT) and Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA).
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Tower, led by CEO Russell Ellwanger, is dual-listed on both Wall Street and in Tel Aviv and major shareholders include Israeli institutional investors Migdal Insurance and Financial Holdings (TASE: MGDL), Menora Mivtachim Holdings (TASE: MMHD) and Phoenix Financial (TASE: PHOE).
The sharp gains in Tower's stock came on the back of two technology announcements it made last week. The first was a collaboration with Oriole to develop ultra-fast optical switching for AI infrastructure and networks, and the second was about new technology development on a power management platform for AI applications. Tower noted in its second announcement that "AI infrastructures are experiencing unprecedented growth in power consumption. As processor performance continues to increase, power transfer efficiency is becoming a major bottleneck."
Tower's technology is designed to provide a direct response to this barrier by improving power transfer efficiency, reducing heat generation, and improving overall system performance, while also enabling a significant reduction in chip area. According to Tower's announcement, the market the technology is addressing is currently valued at $2.5 billion annually and is expected to grow to more than $4.7 billion by 2031.
Published by Globes, Israel business news - en.globes.co.il - on March 22, 2026.
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