Key Nvidia Supplier Closes In On Tesla, Visa Market Caps After Adding $42B On Thursday: Can It Return To Top-10 Club?
Portfolio Pulse from Benzinga Neuro
Taiwan Semiconductor Manufacturing Co Ltd (TSM) experienced a significant surge in its market value, adding $42 billion on Thursday, driven by optimism about artificial intelligence (AI). This increase pushed TSM's market value to $575 billion, nearing the top 10 most valuable companies globally. The surge is attributed to TSMC's role as a crucial supplier for AI processors, particularly for Nvidia, and optimism surrounding AI's future growth. Despite concerns of being overbought, analysts remain bullish, with Morgan Stanley raising its target price for TSMC.
February 16, 2024 | 9:17 am
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TSMC's market value surged by $42 billion, reaching $575 billion, primarily due to optimism surrounding AI and its role as a key supplier for Nvidia's AI chips. Analysts, including Morgan Stanley, remain bullish, raising target prices and forecasting significant revenue from AI semiconductors.
TSMC's significant market value increase is directly tied to its pivotal role in supplying AI chips, especially for Nvidia, and the overall bullish sentiment on AI's growth potential. Analysts' positive outlook and target price adjustments further support the potential for continued growth, making a positive short-term impact likely.
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