Nvidia hits record high as chip stocks rally on TSMC's rosy AI-powered outlook
Nvidia hit a record high amid a rally in U.S. chip stocks on Thursday after industry bellwether TSMC's strong sales forecast boosted investor optimism about demand for processors used to power artificial intelligence applications.
Taiwan Semiconductor Manufacturing Co, the world's largest contract chipmaker, raised its expectation for annual revenue growth and said sales from AI chips would account for mid-teen percentage of its full-year revenue.
US-listed TSMC shares rose more than 11%, lifting the company's market capitalization above $1 trillion.
The forecast from the leading producer of advanced AI chips reinforced investor confidence in the outlook for chipmakers whose market values have skyrocketed in the past two years due to a surge in chip spending by Big Tech.
TSMC customer and AI chip frontrunner Nvidia rose almost 4% to a record high of $140.89, before paring gains to trade 2% higher in afternoon trade. Smaller rival AMD gained nearly 1%, with Broadcom, Qualcomm and Micron gaining between 1% and 3.6%.
Marketing
Digital Marketing Masterclass by Pam Moore
By — Pam Moore, Digital Transformation and Social Media Expert
Web Development
A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024
By — Metla Sudha Sekhar, IT Specialist and Developer
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By — Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By — Metla Sudha Sekhar, IT Specialist and
