Why Taiwan Semiconductor Manufacturing, Advanced Micro Devices, and Broadcom Were Soaring Today
Shares of Taiwan Semiconductor Manufacturing (NYSE: TSM), Advanced Micro Devices (NASDAQ: AMD), and Broadcom (NASDAQ: AVGO) were on the rise Friday, appreciating 6.2%, 4.8%, and 4.7%, respectively, as of 2:14 p.m. ET.
The semiconductor industry has been in a downturn for most of 2023, with investors wondering when the sector will recover, and also what the trajectory of that recovery would be.
Today, TSMC reported its monthly October revenue, which surprised to the upside. Given that TSMC is the largest chip foundry in the world, and that AMD and Broadcom are big clients of TSMC, they rose too in a terrific day for semiconductor stocks broadly.
Source Fool.com