Advanced Micro Devices (NASDAQ: AMD) stock is making big gains this week. The company's share price was up 11% from the previous week's market close heading into this Friday's trading, according to data from S&P Global Market Intelligence.

AMD stock is soaring thanks to new performance updates and guidance released by Taiwan Semiconductor Manufacturing, the world's leading chip fabricator and the producer of chips. TSMC's commentary suggests that it's seeing very strong demand for AI semiconductor production, and that bodes well for Advanced Micro Devices and other players in the space.

Bullish news from Taiwan Semiconductor Manufacturing has helped send AMD stock to the neighborhood of a new record high this week. AMD relies on TSMC to manufacture its chip designs, and the fabrication leader's performance is often viewed as a bellwether for the broader semiconductor industry.

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Source Fool.com