Nvidia Corp NVDA stock is trading higher Thursday after key partner Taiwan Semiconductor Manufacturing Company Ltd TSM set the momentum up with its third-quarter earnings beat and upbeat outlook.
TSMC reported a third-quarter revenue decline of 14.6% year-on-year to $17.28 billion, beating the consensus of $17.07 billion. EPS of $1.29 beat the consensus of $1.17.
Advanced technologies, defined as 7-nm and more advanced technologies, accounted for 59% of total wafer revenue.
The Taiwan contract chipmaker expects Q4 revenue of $18.8 billion - $19.6 billion vs. the consensus of $18.65 billion.
CEO C. C. Wei acknowledged early signs of demand stabilization in the PC and smartphone markets during the conference call.
He expects healthy growth in 2024. TSMC looks to spend $32 billion on growing and upgrading capacity in 2023, beating the analyst consensus of $30.5 billion.
Nvidia stock price also seems to reflect its expanded partnership with critical Apple Inc AAPL partner, Hon Hai Precision Industry Co Ltd HNHPF, operating as Foxconn to develop a new class of data centers, including the development of AI-powered electric vehicle and robotics platforms.
Meanwhile, Nvidia analysts reserved a mixed outlook over the U.S. fresh embargo on advanced artificial intelligence technology.
Price Action: NVDA shares traded higher by 1.25% at $427.25 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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