TSMC's Strong Earnings and AI Outlook Spark Rally in Asian Chip Stocks
• TSMC reported better-than-expected 4Q earnings and positive AI chip demand outlook, sparking a rally in Asian chipmaking stocks • TSMC CEO said they are well-positioned to benefit from an AI boom in 2023, with robust demand for advanced chips • Samsung, SK Hynix, Advantest, Tokyo Electron, and SMIC shares rose 3-8% following TSMC’s earnings call comments • Nvidia stock also rebounded nearly 2% as TSMC outlook raised hopes that AI demand can offset recent tech industry slump • Tech expected to benefit in 2023 from eventual Fed rate cuts, although timing/scope unclear amid sticky inflation and strong jobs data