"AI Optimism Boosts Chipmakers, Drives S&P 500 and Nasdaq to Record Highs"
TL;DR Summary
The S&P 500 approached record highs as optimism about artificial intelligence (AI) drove gains in chipmakers, with U.S.-listed shares of Taiwan Semiconductor Manufacturing (TSMC) soaring nearly 10% after projecting strong 2024 revenue growth due to booming demand for high-end chips used in AI applications. Nvidia and other chipmakers also saw significant gains, while Apple rose after a rating upgrade. The S&P 500 ended the session up 0.88%, with the Nasdaq gaining 1.35% and the Dow rising 0.54%. Additionally, U.S. weekly jobless claims fell to a level last seen in September 2022, suggesting solid job growth in January.
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