Shares rose 3.04% to $92.91 on Thursday, topping the previous $92.24 peak set on 23 April and marking a second straight daily gain.
The move came in a broadly stronger US market, with the S&P 500 up 1.02% and the Dow Jones Industrial Average gaining 1.62%.
Despite the advance, Microchip lagged some semiconductor peers including AMD, Applied Materials and Analog Devices, while trading volume of 9.3 million exceeded its 50-day average of 8.9 million.
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