Taiwan Semiconductor surges as foundry giant says October sales rise 56%; chip stocks rise
Nov. 10, 2022 10:21 AM ETTaiwan Semiconductor Manufacturing Company Limited (TSM)AAPL, AMD, NVDA, ADI, MU, ON, NXPIBy: Chris Ciaccia, SA News Editor18 Comments
- Taiwan Semiconductor (NYSE:TSM) shares rose nearly 5% on Thursday as the world's largest semiconductor foundry said its October sales rose 56% year-over-year.
- For the month ending October 31, Taiwan Semiconductor (TSM) generated $6.6B in revenue (or NT$210.3B), up from NT$134.5B in the year-ago period.
- Taiwan Semiconductor (TSM) makes chips for a number of clients such as Apple (AAPL), Nvidia (NVDA), Advanced Micro Devices (AMD) and others.
- Semiconductor stocks mostly rose on Thursday, aided in part by the strong results from Taiwan Semiconductor (TSM), as well as the October CPI report, which showed inflation is easing.
- Nvidia (NVDA) gained more than 8.4%, while AMD (AMD) tacked on nearly 10%. Other chip stocks also saw healthy gains, with Micron Technology (MU), Analog Devices (ADI), NXP Semiconductors (NXPI) and ON Semiconductor (ON) all rising more than 5%.
- On Wednesday, it was reported that Taiwan Semiconductor (TSM) was planning another multibillion-dollar factory investment in Arizona.