Market News

Chip Stocks Power Up After Buffet’s Big Buy of TSM

Semiconductor stocks were on an upswing on Tuesday. One of the prominent stocks among them was Taiwan Semiconductor Mfg. Co. (NYSE: TSM) which was up by more than 10% after Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) bought 60 million shares valued at $4.1 billion.

Berkshire’s big buy of TSM also resulted in a rally among other chip stocks.

Advanced Micro Devices (AMD) was up after launching its 4th generation EPYC Genoa server processors last week and the early feedback seems promising.

Shares of Intel (INTC) rose even as the semiconductor giant’s Q3 results left much to be desired as revenues declined and the company slashed its FY22 outlook citing difficult macroeconomic conditions.

Investors will be keeping a close watch on Nvidia (NVDA) today as it is expected to announce its Q3 earnings today. Wall Street analysts expect the third quarter to be soft.

On Tuesday, Qualcomm (QCOM) unveiled its new flagship chip for Android phones at the Snapdragon Summit 2022 on Tuesday even as the company had predicted a higher-than-expected decline in 2022 phone sales in its Q3 earnings report released earlier this month.

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