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What: Shares of Taiwanese chip maker Himax Technologies (NASDAQ:HIMX) soared a whopping 34% today after tech gorilla Google (NASDAQ:GOOGL) agreed to acquire a small stake in one of its units that develops tiny displays.

So what: Himax said the investment will help the production of liquid crystal on silicon chips and modules that are used inside head-mounted devices such as Google Glass. The investment by Google also validates Himax's technology in the space and confirms that it will indeed be one of Google Glass' key suppliers, forcing analysts to increase their growth estimates substantially on the Taiwanese company.

Now what: The transaction is expected to close in the third quarter of 2013 subject to regulatory approvals and other closing conditions. "We look forward to leveraging this investment and our collective expertise with Google to create unique and transformational LCOS technologies for many years ahead," said Himax President and CEO Jordan Wu. With the stock now up a staggering 350% over the past year, however, I'd wait for a lot of the exuberance to fade before buying into that bullishness.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.