All three major U.S. stock indexes opened higher. Shares rose as expectations for the artificial intelligence (AI) and semiconductor industries strengthened on strong earnings from U.S. tech corporations and TSMC, the world's No. 1 foundry (contract chip manufacturing) corporation.
At 10:15 a.m. on the 16th (local time) at the New York Stock Exchange, the Dow Jones Industrial Average was up 72.04 points, or 0.16%, at 46,325.35 from the previous session. The Standard & Poor's (S&P) 500 was up 23.74 points, or 0.36%, at 6,694.80, and the Nasdaq composite was up 149.58 points, or 0.66%, at 22,819.66 from the previous session.
TSMC said net profit in the 3rd quarter hit a record high of 452.3 billion Taiwan dollars (about 21 trillion won). The surge reflects booming demand for AI chips.
The Philadelphia Semiconductor Index, made up of AI and semiconductor industries, rose 1.02% from the previous session in response to TSMC's strong results. U.S. software company Salesforce also said 2030 sales are expected to exceed $60 billion, beating market expectations, sending its shares up more than 7%.