Still betting on Nvidia? Our AI picked this stock instead; it’s up 96%+ THIS MONTH
Investing.com-- Asian chipmaking stocks rose on Thursday with South Korea’s SK Hynix Inc (KS:000660) in the lead, as regional shares tracked gains in NVIDIA Corporation (NASDAQ:NVDA) after the company briefly crossed $4 trillion in valuation.
SK Hynix, a major Nvidia supplier, rose 3.8% and was close to a record high, while peer Samsung Electronics Co Ltd (KS:005930) added 0.8%. SK Hynix was on a tear after Samsung reported dismal second-quarter earnings earlier this week, which further reinforced the former’s lead in the memory chip industry.
Taiwan’s TSMC (TW:2330) rose 0.5%, while Hon Hai Precision Industry Co Ltd (TW:2317)added 0.3%. Both companies are Nvidia suppliers, as is Japan’s Advantest Corp. (TYO:6857), which rose 0.4%.
Among broader chipmakers, Semiconductor Manufacturing International Corp (HK:0981), China’s biggest chipmaker by volume, rose 0.6%.
Nvidia briefly crossed a $4 trillion valuation on Wednesday as the chipmaker continued to benefit from sustained optimism over artificial intelligence. The upcoming second-quarter earnings season is expected to further this trade, with major U.S. AI spenders showing few signs of having slowed their capital expenditures over the past three months.
This stands to support Nvidia’s sales, given that the company makes the most advanced AI chips in the market.