AMD Shares Climb to Intraday Record, Nvidia Gains as TSMC Signals Brightening Prospects
$Advanced Micro Devices (AMD.US)$ shares climbed to another intraday record and$NVIDIA (NVDA.US)$ extended its meteoric rally after the outlook released by $Taiwan Semiconductor (TSM.US)$ signaled brightening prospects for the industry.
Taiwan Semiconductor, known as TSMC, expects revenue growth to bounce back to at least 20% in 2024, Bloomberg reported. That's a reversal of fortune for the chipmaker that reported an 8.7% decline in revenue in 2023.
TSMC's target beats consensus estimates and the 13.1% global semiconductor sales growth forecast by the SIA, highlighting the company's growing confidence in retaining high customer acceptance for its advanced N3 and N5 nodes, Bloomberg Intelligence analyst Charles Shum said in a research note. That comes even amid a slow recovery in the smartphone and PC markets, Bloomberg News quoted the analyst as saying.
AMD shares rallied as much as 5.2% to a new intraday record high of $168.42, before paring gains to 2.1%, according to Moomoo data.
Shares of TSMC, which supplies chips to $Apple (AAPL.US)$ and Nvidia, advanced 8.1% to $111.33, reversing declines posted earlier this month.
Nvidia shares gained 2.3%, taking this month's rally to 16%. AMD shares rose 3.1% to $165, approaching its intra-day record high of $168.60. Marvell Technology climbed 6.7%, making the stock the second-biggest gainer on$Nasdaq Composite Index (.IXIC.US)$.
Semiconductor stocks tracked by Moomoo advanced 3.4% Thursday morning, the day's best performing sector.
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Moomoo Senior News and Community Manager
Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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Steady Rise : $Taiwan Semiconductor (TSM.US)$ TSM should be well over $100