Nvidia shares hit another record high Thursday as concerns earlier this week about a softening in the semiconductor market was eased by TSMC's earnings report.

Taiwan Semiconductor Manufacturing stock rose after the company posted a big jump in profit and sales for the third quarter, beating analysts’ estimates. It’s a sign of strong demand for artificial-intelligence chips.

(Reuters) -Shares of Nvidia hit a record high amid a rally in U.S. chip stocks on Thursday after industry bellwether TSMC's strong sales forecast boosted investor optimism about demand for processors used to power artificial intelligence applications.