Shares of Taiwan’s Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chipmaker, reached an all-time high after US bank Morgan Stanley raised its price targets on chip designer Nvidia. The US financial institution stated that it made this decision due to the growing demand for artificial intelligence.
Morgan Stanley raised its price target for US technology giant NVIDIA to $ 750 from $ 603 on February 7. The institution also said that it continues to see a very strong picture for NVIDIA in the near term from the economy.
The Taiwan Stock Exchange resumed trading on February 15 after the Chinese New Year holiday. TSMC shares rose 8 percent to 22 dollars (697 new Taiwan dollars)
Tech giant Nvidia, one of the world’s largest chip designers, is one of the biggest beneficiaries of the artificial intelligence boom that began last year. Artificial intelligence technologies, which became popular with the launch of the chat program ChatGPT, require high-processor chips. That’s why NVIDIA and TSMC were among the companies that increased their revenues the most in 2023.
