"Technology stocks helped lead the way after Taiwan Semiconductor Manufacturing Co. reported a bigger jump in profit for the latest quarter than analysts expected. Chief Financial Officer Wendell Huang also said TSMC expects "continued strong demand for our leading-edge process technologies" going into the end of the year. That's important for the U.S. stock market because TSMC is a critical player at the center of the AI frenzy, making chips for such companies as Nvidia."
"AI stocks have been at the center of Wall Street's surge to record after record this year, even though inflation is still high and the job market is slowing. AI stocks have shot so high that critics worry about another possible bubble, like the one that enveloped dot-com stocks and eventually imploded in 2000. U.S. companies broadly are under pressure to deliver stronger profits after the S&P 500 surged 35% from a low in April."
U.S. stock indexes ticked higher, with the S&P 500 up 0.4%, the Dow up 85 points and the Nasdaq up 0.7%, after an encouraging signal for the artificial-intelligence boom. Trading remained erratic this week as stocks repeatedly swung between gains and losses. Taiwan Semiconductor Manufacturing Co. reported a stronger profit jump than expected and said it expects continued strong demand for leading-edge process technologies. TSMC is central to AI chip supply chains and its Taiwan-listed shares rose while its U.S.-traded shares slipped. Nvidia led gains, and Salesforce rose after unveiling a plan to drive double-digit revenue growth.
Read at Fast Company
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