The market reacted positively to the NVDA earnings report, up about 2% on Thursday, and the S&P 500 closed the week up just roughly 1%. It surprised us that NVDA went up so much on the report, they did beat consensus but by not as much as we were thinking. NVDA said that they are capacity constrained, TSM does their manufacturing. It appears the only business that is growing for TSM is NVDA. Clearly, artificial intelligence is a long-term important trend, which will make industries more efficient.

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