Broadcom is a networking giant, selling thousands of products used in the areas of data center networking, home connectivity, smartphones, and more. But in recent times, AI has emerged as a key growth area for the company, and Broadcom even said in its latest earnings report that AI revenue continues to "grow strongly."

While TSMC issued upbeat commentary on the state of the AI market, Wall Street perhaps already had that confidence.

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.