Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of digital media chip designer and video encryption technologist Silicon Image (Nasdaq: SIMG) rushed to gains of 10.4% today and still hover near their intraday highs.

So what: Silicon Image had its target price upped by an analyst earlier this week after which the stock barely moved, but there is no obvious news today to kindle this kind of jump. However, Netflix (Nasdaq: NFLX) CEO Reed Hastings just made it to the cover of Fortune magazine as the businessperson of the year, which could have a halo effect on other digital media players, including Silicon Image.

Now what: The share price of this stock has now just about tripled in a year as the future of digital video and the ubiquitous HDMI connections that follow solidifies into a real money-making opportunity. Makers of chips for digital set-top boxes including Trident Microsystems (Nasdaq: TRID) and Broadcom (Nasdaq: BRCM) are also soaring today, albeit to a lesser degree than Silicon Image.

Love it or hate it, this company will gather license fees from pretty much every media-capable device sold in the next few years.

Interested in more info on Silicon Image? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Netflix is a Motley Fool Stock Advisor choice. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.