TSMC Stock’s Retail Chatter Surges Over 700% In 24 Hours: Here’s Why
Synopsis
Nvidia CEO Jensen Huang, during his visit to Taiwan, highlighted TSMC’s essential contribution to the company’s business and the broader tech landscape, particularly in relation to its forthcoming AI chip platform, Rubin.
Taiwan Semiconductor Manufacturing Co. (TSM) experienced a 753% surge in user message count in 24 hours on Stocktwits in the run-up to the second-quarter (Q2) earnings of its major customer, Nvidia Corp. (NVDA), expected after Wednesday’s closing bell.
On August 22, Nvidia’s CEO Jensen Huang revealed that TSMC is currently developing six new products for the chip giant, including advanced CPUs (central processing units) and GPUs (graphics processing units), foundational technologies supporting AI applications.
Taiwan Semiconductor stock inched 0.4% higher in Tuesday’s premarket. On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory, while message volume level improved to ‘high’ from ‘normal’ in 24 hours.
A bullish user said Nvidia is driving TSM stock higher.
Huang, during his visit to Taiwan, highlighted TSMC’s essential contribution to Nvidia’s business and the broader tech landscape, particularly in relation to its forthcoming AI chip platform, Rubin.
On Monday, TSMC, in a Securities and Exchange Commission filing, said Jonathan Lee, a Vice President at the company, modestly increased his equity stake in July, reflecting continued executive confidence in the firm’s long-term performance. As of July 31, Lee held 459,872 shares, up from 459,526 shares at the end of June.
The filing also showed that TSMC and its subsidiaries invested NT$10.2 billion ($333 million) in fixed-income assets in July.
The contract chipmaker’s July revenue increased 22.5% year-on-year to NT$323.17 billion ($10.59 billion). Taiwan Semiconductor stock has gained over 16% year-to-date and over 39% in the last 12 months.
Exchange rate: 1 NT=0.03 USD
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.