Nvidia’s Strong Delivery on AI Jumpstarts Asian Chip Stock Rally

Bloomberg2023-08-24

(Bloomberg) -- Asian semiconductor stocks got a fresh boost from a stellar set of results from Nvidia Corp., the standard bearer of the artificial intelligence theme that propelled gains in the sector...

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Gains were led by two Nvidia suppliers seen as among the region’s biggest beneficiaries of the AI boom, South Korea’s SK Hynix Inc. and Japan’s Advantest Corp., which jumped at least 5% each. Taiwan Semiconductor Manufacturing Co. rose 2%.\nNvidia’s results for the latest quarter and its outlook for the current period trumped analyst expectations on a surge in demand for its AI processors. The emerging technology helped the US chipmaker overcome a slump in more traditional semiconductor business, thrusting its share price to more than triple its value so far in 2023.\nThe blowout results sent Nvidia shares soaring 10% in extended US trading. The jump provided a fresh tailwind for Asian chip stocks, helping the Bloomberg Asia chip gauge pare declines from a June high. The measure is still up 19% year to date.\n“Nvidia’s post-market surge is favorable,” said Seo Sang Young, a strategist at Mirae Asset Securities Co. “It has raised expectations for the AI industry that it isn’t just a temporary theme.”\nMost Read from Bloomberg Businessweek\n\nSorry, But LinkedIn Is Cool Now\nDrug Benefit Firms Devise New Fees That Go to Them, Not Clients\nNever Mind Shrinking Households, Builders Are Adding Bedrooms\nChina’s Debt-Fueled Housing Market Is Having a Meltdown, Again\n‘Don’t You Remember Me?’ The Crypto Hell on the Other Side of a Spam Text\n\n©2023 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2361988108"}