2024-03-21 13:56:46 ET
A phenomenon that's increasingly prevalent with artificial intelligence (AI) stocks is the investor practice of viewing them all through the same lens. For example, when one company in the AI space reports strong financial results, other stocks in the space get a lift as investors expect a rising tide to lift all boats.
That appeared to be the case today, as foundry Taiwan Semiconductor Manufacturing (NYSE: TSM) jumped 3.3%, semiconductor giant Intel (NASDAQ: INTC) rallied 2.3%, and database specialist Oracle (NYSE: ORCL) climbed 1.6% as of 12:45 p.m. ET on Thursday.
A check of all the usual suspects -- regulatory filings, financial reports, and changes to analysts' price targets -- didn't reveal much in the way of company-specific news driving the results (more on that in a bit). This suggests that investors were reacting to the financial results of another beneficiary of the AI revolution, and they liked what they saw.
For further details see:
Why Taiwan Semiconductor, Intel, and Other Artificial Intelligence (AI) Stocks Rallied on Thursday