The Italian semiconductor testing firm has seen its stock surge 129% this year as demand for AI chip testing reshapes the European tech landscape
While most of Europe’s tech sector has spent the last few years wrestling with regulatory headaches and infrastructure gaps, one Italian company has been quietly riding the AI wave to extraordinary returns. Technoprobe, a semiconductor testing specialist based in Lombardy, has watched its stock climb 129% year-to-date through May 2026, making it one of the continent’s biggest winners from the global AI spending spree. The company makes vertical MEMS probe cards, which is a fancy way of saying it builds the electromechanical interfaces that test silicon wafers before they become the chips powering everything from Nvidia GPUs to AMD processors.
The numbers behind the surge #
Technoprobe’s first quarter of 2026 tells a story of a company hitting its stride at exactly the right moment. Revenue came in at €187 million, a 19% jump compared to the same period last year.
EBITDA hit €69.2 million, representing a 44.2% year-over-year increase.
The company revised its full-year 2026 revenue target to between €950 million and €1.05 billion, with EBITDA margins projected at 44-46%. Those were originally targets for 2027. Technoprobe essentially pulled its financial roadmap forward by a full year.
On May 15, the day after the company announced its raised guidance, shares rocketed 36% in a single session.
Why probe cards matter in the AI era #
Probe cards make physical contact with individual circuits on a silicon wafer to verify functionality. Technoprobe’s vertical MEMS technology has positioned it as a leader in this niche, particularly for the most advanced chips coming out of the AI revolution.
The company was founded in 1996 by Giuseppe Crippa and listed on Euronext Growth Milan in February 2022 before graduating to the main Euronext Milan exchange in May 2023. It was also ranked first among Italian companies in the 2026 “Leader dell’Innovazione” innovation ranking.
Wall Street takes notice #
Bank of America upgraded Technoprobe’s stock to Buy in May 2026, directly linking its thesis to the escalating demand for GPU and AI chip testing.
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