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Chip Stocks Are Winning After TSMC Earnings
Chip stocks were rising ahead of Thursday’s opening bell after a strong set of results by Taiwan Semiconductor Manufacturing Co. eased fears that the artificial intelligence boom could be about to fizzle out.
TSMC's own American depositary receipts jumped 8.7% in premarket trading after the chip maker reported a record third-quarter net profit early Thursday, signaling to the market that there's still strong demand for its AI chips.
On Tuesday, Dutch semiconductor equipment manufacturer ASML issued a soft sales forecast for the current quarter, fueling worries that the AI boom could be about to fizzle out—but the Taiwanese giant's own strong results could soothe the market.
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