Why Semiconductor Stocks Jumped Today
Shares of semiconductor stocks advanced on Thursday after the first major earnings report of the season from Taiwan Semiconductor Manufacturing (NYSE: TSM). The industry is watching demand for chips closely and TSMC is expecting 20% revenue growth for the year.
Not only did Taiwan Semiconductor's stock jump 8.8% in early trading, but Broadcom (NASDAQ: AVGO) rose 3.9%, Intel (NASDAQ: INTC) was up 3.3%, and Advanced Micro Devices (NASDAQ: AMD) had climbed 5.3%. Shares are up 7.1%, 3.2%, 1.8%, and 0.5% respectively at 12:30 p.m. ET.
In a macro sense, investors were interested in how demand for semiconductors looks overall. The industry can be very cyclical and there was a decline in demand in 2023 as fewer smartphones and PCs were sold. Some companies were also working through excess inventory, hurting demand for manufacturers like TSMC.
Source Fool.com
Taiwan Semiconductor Manufacturing Co. Ltd. ADR Stock
The stock is one of the favorites of our community with 28 Buy predictions and 2 Sell predictions.
With a target price of 400 € there is a slightly positive potential of 14.12% for Taiwan Semiconductor Manufacturing Co. Ltd. ADR compared to the current price of 350.5 €.
