Asian chipmaking stocks surged on Thursday, following an overnight rally in Nvidia after CEO Jensen Huang made optimistic remarks regarding artificial intelligence (AI) demand.
Nvidia’s suppliers, including Taiwan Semiconductor Manufacturing Company (TSMC), SK Hynix, Hon Hai Precision Industry (Foxconn), and Advantest Corp., saw gains ranging between 4% and 8%.
Broader semiconductor stocks also performed well, with Tokyo Electron and Renesas Electronics advancing 3.3% and 1.5%, respectively. SoftBank Group, which has exposure to the chip sector through its subsidiary Arm, added 7.4%.
Samsung Electronics, a major player in memory chips, rose 1.4% after reports indicated the company was contemplating global job cuts of up to 30% in certain divisions. Meanwhile, Semiconductor Manufacturing International Corp (SMIC), China’s largest chipmaker, edged up 0.4%. Chinese internet giants Alibaba, Baidu, and Tencent also posted gains of 1% to 3%.
The rally in tech stocks was largely driven by Nvidia’s impressive 8.1% surge on Wednesday, marking its best day in over six weeks. CEO Huang cited strong demand for Nvidia’s high-end AI chips, including the upcoming Blackwell series, though he also warned of potential supply shortages due to surging demand.
Nvidia’s rebound came after a tough week, where its executives sold some shares, and its quarterly revenue and margin forecasts, released in late August, fell short of some investor expectations. Despite these setbacks, Nvidia’s stock has soared approximately 150% in 2024, driven by excitement over AI-related demand.
Huang emphasized the growing need for increased processing power, particularly for data centers and advanced computing, which further fueled investor confidence that AI demand could help the tech industry weather broader economic challenges.
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