Major U.S. indexes were higher at midday Thursday, as a strong report on demand for artificial intelligence (AI) chips boosted the tech sector. The Dow, S&P 500, and Nasdaq all advanced.
Nvidia (NVDA) supplier TSMC (TSM) reported profit soared on demand for AI chips, sending its U.S.-listed shares to an all-time high. The news helped drive Nvidia shares to a record high as well.
Blackstone (BX) shares also surged to a fresh high after the asset manager said its profit jumped as it brought in more investments.
Elevance Health (ELV) was the worst-performing stock in the S&P 500 after the insurer reported a weaker-than-expected profit and lowered its guidance as changes in Medicaid slashed membership rolls.
Shares of CSX (CSX) dropped as the freight shipper’s results missed estimates and it cut its outlook as Hurricanes Helene and Milton impacted operations.
Lucid Group (LCID) …