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TSMC and ASML Shares Dip Ahead of Nvidia's Earnings, Reflecting Market Caution

As Nvidia prepares to unveil its fourth-quarter earnings, the semiconductor market witnesses a cautious stance, reflected in the decline of key players like Taiwan Semiconductor Manufacturing Company (TSMC) and ASML.

TSMC, known as the world’s top producer of advanced processors, experienced a modest drop of over 1% in its shares. With clientele including industry giants like Nvidia and Apple, TSMC plays a vital role in the global chip supply chain.

Similarly, ASML, a Dutch semiconductor equipment manufacturer pivotal for chip production, saw its Nasdaq-listed shares dip by 2.09% on Tuesday. ASML’s technologies, notably its extreme ultraviolet lithography machines, are instrumental in crafting advanced chips used in devices such as iPhones.

The market’s apprehension extended to other Taiwanese semiconductor firms, with United Microelectronics Corp. and MediaTek also experiencing slight declines on Wednesday.

Nvidia, amidst its remarkable growth fueled by the AI boom, witnessed a notable setback with a 4.35% decline in shares on Tuesday, signaling a broader downturn in U.S. tech stocks. This downturn also impacted Arm Holdings, the SoftBank-owned chip designer, which saw a decline of 5.12%.

Despite the dip, market analysts like Morgan Stanley maintain a positive outlook on Nvidia’s upcoming earnings, anticipating a solid performance in line with elevated expectations. However, they advise against overestimating short-term outcomes, suggesting a measured market response post-earnings. Investor sentiment remains cautiously optimistic, albeit with concerns about managing expectations in the near term, shaping a tempered market outlook.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

21st February, 2024

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