Nvidia touches new high as AI trade rolls on

Nvidia (NASDAQ:NVDA) hit a new all-time high earlier this morning, reaching $140.89, amid renewed enthusiasm for the artificial intelligence boom, following quarterly results and guidance from Taiwan Semiconductor (TSM).

Nvidia shares quickly bounced off that $140.89 level and were most recently trading at $139.22, up 2.6% on the day.

Shares of the Jensen Huang-led Nvidia have surged over the past month, gaining more than 20%. That’s added to its year-to-date gain, bringing the total to 189% and its gain over the past year of 216.8%.

Some of the renewed enthusiasm may be attributed to demand for its Blackwell line of products, which Huang said earlier this month said is “insane.” That level of optimism was backed up by Taiwan Semiconductor, which manufactures chips for Nvidia and others.

The global foundry said net revenue for the third-quarter grew 36% year-over-year to $23.50B. High Performance Computing, which includes AI-related chips, represented 51% of net revenue, up from 42% in the year-ago period.

For the fourth-quarter, Taiwan Semiconductor said it expects revenue to be between $26.1B and $26.9B, with the midpoint of $26.5B above the estimate of $25.02B.

Taiwan Semiconductor shares surged nearly 13% in late morning trading.