Nvidia witnessed its shares soar to a record high on Thursday as investors rallied around the resurgent chip sector, on the back of an upturn for TSMC, the world’s largest advanced chip producer.  After a relative slump over the summer months, Nvidia’s stock jumped by more than 3% to a new intraday high of $140.89, exceeding the previous level of $140.76, set on June 20. The day closed with shares up around 1% at $136.93.  A catalyst for the spike was TSMC reporting better than expected third-quarter results, posting a 54% increase in profit, as the Taiwanese flag carrier saw its US-listed stock rise by more than 11%.  This resulted in the company’s market capitalization exceeding $1 trillion. With TSMC supplying Nvidia, as well as other tech giants such as Apple and AMD, its fortunes are often referred to as a bellwether for the wider industry.

BING NEWS:
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    10/17/2024 - 7:35 am | View Link
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