Nvidia (NVDA) shares reached a new record intraday high on Thursday, spurred on by a stellar earnings report from supplier Taiwan Semiconductor Manufacturing Co. (TSMC). The positive performance of TSMC, posting a dramatic 54% rise in profit and a 39% increase in revenue during the third quarter, primarily from artificial intelligence chip sales, assuaged concerns that the semiconductor market was losing momentum.
This news balanced out earlier reports from Dutch semiconductor manufacturer ASML Holding, which cautioned that the revival of non-AI chips was slowing.
Meanwhile, billionaire investor Stanley Druckenmiller's comments on his regret over selling Nvidia shares have also enhanced market positivity. The CEO of Duquesne Family Office confessed in a Bloomberg Television interview that liquidating his stake in the company was a "big mistake," further buoying Nvidia's stock.
Thursday saw Nvidia shares increase by 2.7% to $139.39, even touching a record $140.89 at one point. Since the onset of 2024, the company's shares have nearly tripled in value.