Nvidia hits record high as chip stocks rally on TSMC’s rosy AI-powered outlook

Shares of Nvidia hit a record high amid a rally in U.S. chip stocks on Thursday after industry bellwether TSMC’s strong sales forecast boosted investor optimism about demand for processors used to power artificial intelligence applications.

Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, raised its expectation for annual revenue growth and said sales from AI chips would account for mid-teen percentage of its full-year revenue.