Chip stocks rose Thursday after the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co. (TSM), reinvigorated Wall Street’s AI enthusiasm with 澳洲幸运5官方开奖结果体彩网:better-than-expected q🐻uarterly🙈 results and a rosy financial outlook. 

The PHLX Semiconductor Index (SOX) advanced about 2% on Thursday morning, led by TSMC, up 12%. Shares of Broadcom (AVGO) climbed more than 3%, while Nvidia (NVDA), the chip designer at the heart of the AI craze, rose 2%, as did chip designer Arm Holdings (ARM).

TSMC on Thursday morning said net income increased by more than 5🉐0% in the third quart🦹er, far exceeding Wall Street’s estimates. CFO Wendell Huang attributed the company’s results to “strong smartphone and AI-related demand.” CEO C.C. Wei estimated that the contribution of AI processor sales to TSMC’s total revenue would triple this year.

The results underscored the diverging fortunes of companies within the broader semiconductor industry. Pockets of the industry are still grappling with an inventory glut that has pers🦋isted for more than a year amid sluggish consumer demand. 

"While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover,” said Christophe Fouquet, CEO of Dutch chipmaking equipment manufacturer ASML Holding (ASML) earlier this week.

ASML’s warnings sparked a 澳洲幸运5官方开奖结果体彩网:semiconductor sell-off, sinking the SOX index more than 5% on Tuesdꦗay. Despite Thursday’s TSMC-led rally, the index remained 3% below its Monday close.