We recently published a list of 15 AI news updates that are taking Wall Street by storm. In this article, we’ll take a look at where Taiwan Semiconductor Manufacturing Co., Ltd. (NYSE:TSM) stands with respect to other AI news updates sweeping Wall Street.
Elon Musk-owned AI startup xAI has raised more than $6 billion at a $50 billion valuation, news platform CNBC reports. The bulk of the funding, nearly $5 billion, will be raised through sovereign wealth funds in the Middle East. According to news outlets, the funds will be used to purchase 100,000 NVIDIA chips. xAI plans to build supercomputers equipped with these chips. The supercomputer will then be integrated with other Musk companies, most notably Tesla, as plans move quickly to improve fully self-driving cars.
Visit Goldman Sachs’ 10 Best AI Data Center Stocks and 10 Hottest AI Stocks to read more about these trends.
CNBC claims the billionaire has begun working closely with President-elect Donald Trump on the new White House administration’s broader approach to AI and technology. President Trump plans to rename the CHIPS Act and repeal the Executive Order on AI, two of US President Joe Biden’s major AI initiatives. The technology industry has been dealing with the fallout from the U.S. presidential transition, as President Trump is widely expected to raise tariffs on companies doing business with China. He is also expected to encourage domestic high-tech companies to move manufacturing from overseas to the United States.
Also read: BlackRock’s 30 Most Important AI Stocks and Beyond the Tech Giants: 35 Opportunities for Non-Tech AI.
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Close-up of a complex network of integrated circuits used in logic semiconductors.
Market capitalization: $851 billion
Taiwan Semiconductor Manufacturing Company (NYSE:TSM) manufactures and sells integrated circuits and semiconductors. The company’s stock price has been trending lower in recent days, despite recent reports that the company secured more than $6.6 billion in funding from the U.S. government through the CHIPS Act. One of the main reasons behind this is investors’ concerns about the incoming White House administration, which made several attacks on TSM during the election campaign. For the past few years, President Trump has urged companies to move production of advanced chips to the United States.
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