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

The forecast from the leading producer of advanced AI chips reinforced investor confidence in the outlook for chipmakers whose market values have skyrocketed in the past two years due to a surge in chip spending by Big Tech. TSMC customer and AI chip frontrunner Nvidia rose almost 4% to a record high of $140.89, before paring gains to trade 2% higher in afternoon trade.