The Philadelphia semiconductor index hit its highest level in more than a year on Thursday and eyed its biggest one-day percentage gain in six months with artificial intelligence (AI) taking center stage after Nvidia Corp wowed investors with financial targets that blew past analyst expectations.
The semi index was last up 6.3% after hitting its highest level since early April 2022 while chip designer Nvidia, its biggest gainer by far, was up 26.7% and trading at record levels with an intraday high of $394.80.50% above Wall Street estimates
with plans to boost supply to meet surging demand for its artificial-intelligence chips, which are used to power popular services including ChatGPT. Susquehanna International Group analyst Christopher Rolland described the beat as "unfathomable" in a research note titled "greatest beat of all time?" where he said he raised his price target to $450 from $350 for Nvidia, which last traded at $386.99.
"It looks like the new gold rush is upon us, and NVIDIA is selling all the picks and shovels," Rolland wrote. Still, besides Nvidia, the biggest gainers in the chip index included NYSE listed shares of Nvidia chip manufacturer Taiwan Semiconductor , which were up 11.5%, power supply company Vicor Corp
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