TECH - Key Apple Supplier's Stock Soars To All-Time High Fueled By AI Demand And Nvidia Upgrade | Benzinga
The shares of Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) surged to an all-time high on Thursday following a significant price target increase for chip designer NVIDIA Corp (NASDAQ:NVDA) by Morgan Stanley.
What Happened: TSMC experienced a substantial increase in its share price after Morgan Stanley raised Nvidia’s price target to $750 from $603 on Feb. 7, reported CNBC. This move was attributed to the ongoing surge in demand for AI.
The shares of TSMC opened at NT$709 on Thursday and closed at NT$697, marking an almost 8% increase from the previous close on Feb. 5. This surge followed the resumption of trading on the Taiwan Stock Exchange after the Chinese New Year break.
TSMC is the world’s leading producer of advanced processors and a key supplier for Nvidia and Apple.
See Also: Crypto Analyst Predicts Dogecoin To Kickstart ‘Memeseason’ With A Pump To $0.10
Nvidia, a major player in the AI sector, is expected to benefit significantly from the AI boom that began in 2022. The increased interest in ...