Investors have been largely upbeat lately, with strong economic data offsetting rising tensions in the Middle East and uncertainty over the U.S. elections. On Tuesday, a tech-driven rally left the S&P 500 within striking distance of a new all-time record.

Nvidia investors might be further enthused by sales figures from key supplier Taiwan Semiconductor Manufacturing.

Chip giant Taiwan Semiconductor ($TSM) or TSMC reported strong revenue performance in September and year-to-date, reflecting the surging demand

Taiwan Semiconductor Manufacturing Co. posted a better-than-expected 39% rise in quarterly revenue, assuaging concerns that AI hardware spending is beginning to taper off.The main chipmaker to Nvidia Corp.

Taiwan Semiconductor Manufacturing Co. posted a 39% increase in its September revenue, in what saw it beat analysts’ sales forecasts for the third quarter of 2024

TSMC, the world's largest contract chipmaker, reported on Wednesday third-quarter revenue of T$759.69 billion ($23.62 billion), according to Reuters calculations, easily beating the market forecast, as the company reaps the benefit from artificial intelligence (AI) demand.