Key Takeaways Chip stocks rose Thursday after the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., reinvigorated Wall Street’s AI enthusiasm. Better-than-expected quarterly results and a rosy financial outlook powered its shares higher,

Taiwan Semiconductor Manufacturing stock was rising after the company posted a big jump in profit and sales for the third quarter, beating analysts’ estimates. It’s a sign of strong demand for artificial-intelligence chips.

"Robust AI-related demand" led to strong Q3 earnings for the Taiwanese chipmaker that is building out a huge complex in Phoenix.