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.
Nvidia’s Shares Surge To Record High With Tsmc Acting As A Catalyst
Graeme Hanna, ReadWriteWeb
Fri, 10/18/2024 - 9:11am
Topics: june us-listed with tsmc apple amd tsmc s american dan coatsworth bell reuters shares taiwan semi q3 cnbcovertime cnbcovertime october blackwell nvidia ceo jensen huang ai gpu with blackwell everybody nvidia s ceo ai nvidia s gb200 mexico young liu image midjourney readwrite nvidia nvidia nvidia s tsmc taiwanese nvidia cnbc october everybody blackwell huang chip company sector exceeding world thursday largest stock set expected results
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