Nvidia stock was rising again Monday. The global chip rally continued to gather momentum, with
Taiwan Semiconductor Manufacturing
the latest stock to reach a record high.
Nvidia
shares rose 3.5%% to $852.01 in early trading Monday. The stock closed up 4% at $822.79 on Friday, leaving the company valued at $2.06 trillion.
TSMC, one of Nvidia’s main suppliers, rose 5.2% in Taiwan trading Monday to close at a record high. It wasn’t the only one—
Samsung Electronics
jumped more than 2% and
SK Hynix
jumped 6.6% in Korean trading. That positivity in Asian trading ensured that U.S. chip makers were getting off to a good start early Monday.
Intel
was up 0.5%,
Micron Technology
rose 0.8%, and Qualcomm gained 1.8%.
Advanced Micro Devices
rose 3.8% after jumping more than 5% on Friday.
The surge higher at the end of last week came after earnings from
Dell Technologies
underlined robust demand for
Nvidia’s
chips. The company signaled strong orders for its artificial-intelligence servers, which are powered by Nvidia and
AMD
chips. AMD stock outperformed its rival Friday, though, climbing 5.3%. Dell soared 32%.
Nvidia’s shares have risen 66% this year through Friday’s close. That compares with a 7.7% increase in the
S&P 500
and a gain of 8.4% for the
Nasdaq Composite
over the same period.
Write to Callum Keown at callum.keown@barrons.com
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