United Microelectronics (2303 TT), the 10th largest stock on the Taiwan Stock Exchange, currently holds the biggest short position. In contrast to its U.S. semiconductor peers, the stock has remained flat year-to-date.

Short interest as a percentage of float has doubled since fall 2024, now 8.2%. This ties it as the most heavily shorted name in the TWSE.

The 25% decline in fall 2024 was driven by broad industry headwinds, including a slowdown in the semiconductor sector, pricing pressure, concerns about oversupply, rising input costs, declining earnings per share, analyst downgrades, and indirect exposure to tariffs.

The stock’s crowded score has remained near 70 for most of the year. When the stock gains momentum, its squeeze score—calculated as the sum of the crowded score and recent return—exceeds the critical threshold of 70, signaling an elevated risk of a short squeeze.

The borrow rate has climbed from near zero to approximately 4%, reflecting increasing demand to short the stock.

Sell ratings have risen to 10%, up from 3% previously. Meanwhile, buy recommendations have dropped to 40%, down sharply from 70% earlier in the year.

United Microelectronics (2303 TT) continues to show signs of crowding and short-side pressure. With a rising borrow rate, declining buy ratings, and a squeeze score breaching critical levels, institutional investors should monitor this name closely. S3’s data offers a clear lens into these dynamics.

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