Asian semiconductor stocks rise after shares of AI chip darling Nvidia hit a record high

A man in Taipei, Taiwan wearing a mask walked past a Nvidia logo, as Asian chip stocks rose on Tuesday following Nvidia’s record high overnight. Nvidia continues to benefit from the artificial intelligence trend, leading to bullish investor sentiment in the chip sector. Stocks of Nvidia suppliers like SK Hynix, Samsung Electronics, Taiwan Semiconductor Manufacturing Company, and others all saw gains. Other companies in the chip supply chain, such as Tokyo Electron, Advantest, and SoftBank Group, also experienced significant increases in their stock prices. Nvidia’s shares hit a new high on Wall Street, making it the second most valuable company after Apple. The surge in Nvidia’s shares is attributed to increasing demand for its GPUs from big tech companies for their AI work. Despite earlier losses, Nvidia’s shares are now up almost 180% this year.