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The latest bump in the AI road was a downbeat earnings report from ASML that sent its shares tumbling. But ASML's biggest customer, Taiwanese chipmaker TSMC, posted blockbuster results Thursday.
Chip stocks rose Thursday after the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co. (TSM), reinvigorated Wall Street's AI enthusiasm with better-than-expected quarterly results and a rosy financial outlook.
Taiwan Semiconductor Manufacturing Company (TSM) shares jump after the company reported better-than-expected quarterly earnings and lifted its sales outlook on artificial intelligence (AI) demand. The results eased some concerns about a slowdown in AI-related growth, driving names like Nvidia (NVDA), Super Micro Computer (SMCI), Micron (MU), and other semiconductor stocks higher.
Many investors still hold high regard for the technology sector in the United States today, which makes sense as the services PMI index is carrying most—if not all—of the economic growth left in the country, compared to the 23-month contraction in the manufacturing sector, as seen in that PMI index. However, not all technology sectors are equal.
Taiwan Semiconductor (NYSE:TSM) stock is driving the chip sector higher today, and near the top of the Nasdaq-100 Index (NDX).
The only people disappointed this morning will be people who are looking for an economic downturn in the U.S.
Philippe Laffont's hedge fund, Coatue Management, has been scooping up shares of Taiwan Semiconductor for several consecutive quarters.
Taiwan Semiconductor Manufacturing reported strong demand for AI chips.
TSMC's stock has rallied 12% since last coverage, approaching the target price of $210 with solid growth prospects. Q3 2024 revenue reached NT$759.69 billion (~$23.6 billion), surpassing analyst expectations due to AI chip demand. TSMC's 3nm technology accounted for 15% of wafer revenue in Q2 2024, with further growth expected from 2nm chips.
Shares of foundry Taiwan Semiconductor Manufacturing Company Ltd. TSM rose in premarket trading on Thursday, positioning the company on track to cross the $1 trillion market capitalization threshold.