TSMC pushes NVIDIA shares higher

Shares of NVIDIA Corporation rose this Thursday after key partner TSMC reported third-quarter results and optimistic forecasts.
TSMC reported third-quarter revenue fell 14.6% year-over-year to $17.28 billion, beating market expectations of $17.07 billion. Earnings per share of $1.29 beat market expectations of $1.17.

Advanced technologies, defined as 7 nanometer and beyond, accounted for 59 percent of total wafer revenue.

The Taiwanese contract chipmaker expects fourth-quarter revenue of $1.88-$19.6 billion, compared with the market's general estimate of $18.65 billion.

Healthy growth is expected in 2024. TSMC plans to spend $32 billion on growth and upgrading manufacturing capacity in 2023, beating analysts' average estimate of $30.5 billion.

NVIDIA's stock price also appears to reflect its expanded partnership with Apple's $Apple (AAPL.US)$ main partner Hon Hai Precision Industry Co Ltd (OTC: HNHPF ), which operates under the Foxconn name, to develop new types of data centers, including the creation of AI-powered electric vehicles and robotics platforms.

Meanwhile, NVIDIA analysts have expressed mixed feelings about the new U.S. embargo on advanced AI technology. $Taiwan Semiconductor (TSM.US)$ $NVIDIA (NVDA.US)$