The valuation of high-tech companies has been a controversial issue in the academic literature. Since high-tech companies have option-like characteristics and asymmetric payoffs, this study applies real-options pricing model by Schwartz and Moon (2000) to obtain the fair stock price of Very Innovative Architecture Technologies (VIA), the world's largest PC core logic chipset supplier with growing exposure to communications chips and microprocessors. After estimating the parameters and solving the model by Monte Carlo simulation method, the fair stock price of VIA Technologies is $346.54, which is close to the market prices in the first quarter of 2001. In addition, this study performs sensitivity analysis in order to determine those critical parameters that have significant effect on the fair stock price. As a result, we find that four critical parameters are cost-to-revenue ratio, horizon of the estimation, terminal value and speed of adjustment for the rate of growth process.