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.

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Source Fool.com