CryptoCurrency
Heard on the Street Thursday Recap: In the Chips
Stocks swing back. U.S. stocks mostly gained Thursday, with the S&P 500 rising 0.3% after two straight sessions of losses. Weakness in categories like software and internet offset a major gain in chips, leading the tech-heavy Nasdaq Composite to pick up just 0.3% for the day.
Wall Street banks flex their strength. The Dow rose 293 points and outperformed the S&P 500 and Nasdaq thanks mostly to a nearly 5% jump by Goldman Sachs—the most expensive stock in the price-weighted index. Goldman and Wall Street rival Morgan Stanley both reported record annual revenues on Thursday, capping a strong earnings season for major banks. Morgan Stanley shares jumped nearly 6%.
Chip-making giant gives AI trade a boost. TSMC reported record revenue for the fourth quarter and projected 30% growth for 2026, which was well ahead of Wall Street’s expectations. The chip manufacturer pointed to strength across several categories but described AI demand as “robust.” That propelled chip designers like Nvidia and AMD as well as the chip-equipment companies that count TSMC as their largest customer. ASML jumped 6% to put its market value above $500 billion for the first time.
