October 17, 2024

Dow Jones Today: Stock Futures Advance as TSMC Earnings Fuel Chip Stock Rebound

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TSMC Stock Jumps on AI-Fueled Earnings Beat

2 minutes ago

U.S.-listed Taiwan Semiconductor Manufacturing Co. (TSM) shares jumped 9% Thursday morning after the chipmaker posted robust quarterly earnings and projected a buoyant outlook on the back of the artificial intelligence (AI) boom.

The company, which supplies tech heavyweights such as Apple (AAPL) and Nvidia (NVDA), reported a 54% year-over-year rise in third-quarter net income of 325.26 billion New Taiwan dollars ($10.12 billion), up from NT$211 billion. The profit figure beat the NT$300.78 billion consensus estimate of analysts polled by Visible Alpha.

TSMC also reported a 39% jump in revenue to NT$759.69 billion ($23.64 billion) for the quarter and a 57.8% gross margin, above analysts’ estimates and the guidance it gave for both in the second quarter.

TSMC’s upbeat earnings, in contrast to Dutch semiconductor equipment manufacturer ASML Holding’s (ASML) downbeat outlook earlier in the week, bolstered investor faith in the AI boom, sending shares of AI chip giants Nvidia (NVDA), Arm Holdings (ARM), and Advanced Micro Devices (AMD) higher.

With Thursday’s gains, TSMC shares have doubled this year.

–Nisha Gopalan

Stock Futures Advance as TSMC Fuels Chip Stock Rebound

1 hr 10 min ago

Futures contracts connected to the Dow Jones Industrial Average were up 0.2% in premarket trading on Thursday.

S&P 500 futures advanced 0.5%.

Nasdaq 100 futures were nearly 1% higher, lifted by rising semiconductor stocks.

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