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.
Disclaimer: This article is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested into. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose of the above content. See this link is for more information.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moomoo Senior News and Community Manager
Former editor at Bloomberg, then Lazard Asset Management. Posts aren’t investment advice. Views are just mine.
4805Followers
16Following
13KVisitors
Follow
Steady Rise : $Taiwan Semiconductor (TSM.US)$ TSM should be well over $100