This article looks at how partnerships in Taiwan's high-tech industry affect share prices. The study found that strategic alliances in the industry lead to positive wealth effects, with no wealth transfer between partners. Same-industry alliances give higher returns than different-industry ones. Both equity and non-equity alliances result in positive returns. Taiwanese firms in global alliances also see positive returns compared to foreign firms. These findings suggest that alliances help high-tech firms in Taiwan adapt to a fast-changing environment.