A surge in stocks followed Taiwan Semiconductor Manufacturing Co.’s strong quarterly results, signaling sustained demand for AI hardware. TSMC reported record revenue, exceeding estimates, driven by advanced chip demand for AI applications. This positive report boosted shares of semiconductor companies and suppliers like ASML, Nvidia, and AMD, signaling a resilient AI-driven upcycle. Semtech’s volatile shares were impacted, with the market viewing the news as significant but not game-changing. Defense stocks benefited from a capital shift, surging after Trump proposed a $1.5 trillion defense budget. Semtech is up 2.5% this year, trading near its 52-week high.

Read more at StockStory: Semtech, IPG Photonics, Allegro MicroSystems, and Power Integrations Shares Are Soaring, What You Need To Know