Think Nvidia Stock's Too Expensive Now? These 2 AI Stocks Might Be More to Your Liking.
The stock market appeared likely to open mixed on Thursday, and a large factor for markets was Nvidia (NASDAQ: NVDA). The chipmaker released quarterly results late Wednesday that caused its stock to soar, and shares were up 28% in premarket trading. That was enough to lift futures on the Nasdaq Composite (NASDAQINDEX: ^IXIC) by nearly 2%, even as Dow Jones Industrial Average (DJINDICES: ^DJI) futures lost ground.
Record demand for products that will enable businesses to put new artificial intelligence (AI) capabilities to work was a key factor in Nvidia's report. But for those who might think that Nvidia's stock is too expensive after seeing its market cap jump $200 billion overnight, some alternatives might be worth looking at. Shares of Taiwan Semiconductor Manufacturing (NYSE: TSM) and ASML (NASDAQ: ASML) are on the rise in sympathy with Nvidia, but their gains have been less extensive even as they also will likely profit from the AI stock craze.
Taiwan Semiconductor Manufacturing saw its stock rise 7% in premarket trading. That gives the leading Semiconductor contract manufacturing company a market cap that's roughly half of Nvidia's after their respective bumps higher.
Source Fool.com
