What Happened?

Shares of PCB manufacturing company TTM Technologies (NASDAQ: TTMI) jumped 9% in the afternoon session after analysts raised their price target on the stock, citing strong demand for the company's advanced printed circuit boards (PCBs) from the growing artificial intelligence sector. 

Specifically, analysts at B. Riley increased their price target for TTM Technologies to $81 from $75. They cited robust demand for advanced PCB technology, which is a critical component needed for the expansion of AI infrastructure. This move was part of a broader wave of bullish sentiment for the industry. 

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What Is The Market Telling Us

TTM Technologies’s shares are extremely volatile and have had 37 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 7.3% on the news that investors rotated out of AI-linked high-flyers following underwhelming earnings updates from Oracle and Broadcom as the core thesis shifted from "growth at any cost" to "prove the returns."

Oracle triggered the alarm by missing revenue estimates while simultaneously hiking capital expenditures by $15 billion. This reignited fears that AI infrastructure spending is outpacing actual monetization. Broadcom compounded the anxiety; despite beating earnings, its stock fell as CFO Kirsten Spears cautioned that gross margins may come under pressure as product mix shifts further toward system-level AI sales. This sparked a macro rotation away from AI infrastructure and power plays.

TTM Technologies is up 173% since the beginning of the year, but at $67.17 per share, it is still trading 16.3% below its 52-week high of $80.24 from December 2025. Investors who bought $1,000 worth of TTM Technologies’s shares 5 years ago would now be looking at an investment worth $4,979.

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