All eyes are on Nvidia 's quarterly print after the bell Wednesday, and how well the chipmaker performs could have major implications for this derivative play, according to Morgan Stanley. Analyst Charlie Chan named Taiwan Semiconductor Manufacturing a "catalyst driven idea" whose shares could rally win given its role as the sole supplier for Nvidia's AI graphics processing units.
Nvidia shares rocketed more than 24% in late May, the day after topping quarterly expectations and issuing blowout guidance, citing elevated demand related to artificial intelligence applications. The stock has served as the stock market's AI poster child in 2023, surging more than 215%. As a supplier to Nvidia, Taiwan Semiconductor's also benefited from the buzz around AI, with its U.S.-listed shares up more than 24% this year.
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