Chip Stocks Extend Rally. Micron Soars 6% to Record High; Navitas up over 8%; SOXL up 4%; Broadcom, SMCI, ARM up over 2%
Tiger Newspress
Oct 16
Chip stocks continued to jump on Thursday. Micron soared over 6% to record high; Navitas up over 8%; SOXL up 4%; Broadcom, SMCI, ARM up over 2%; Nvidia, ASML up over 1%; TSMC turned negative.
TSMC, the world's largest contract chipmaker, posted a 39.1% jump in third-quarter net profit on Thursday, beating market forecasts and hitting a record as it benefited from surging demand for semiconductors used in artificial intelligence applications.
The profit handily beat a T$417.7 billion LSEG Estimate, which is weighted toward forecasts from analysts who are more consistently accurate.
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