Chip stocks rose ahead of Thursday’s opening bell after a strong set of results from Taiwan Semiconductor Manufacturing Co. allayed fears that the artificial intelligence boom was about to fizzle out.
TSMC’s own U.S. depository receipts rose 8.7% in premarket trading after the chipmaker reported record third-quarter profit early Thursday, signaling to the market that there is still strong demand for its AI chips .
On Tuesday, Dutch semiconductor equipment maker ASML published a soft sales forecast for the current quarter, fueling concerns that the AI boom was about to fizzle out – but strong results from the Taiwanese giant itself could calm the market.
