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Taiwan Semiconductor Manufacturing Co (NYSE:TSM) stock opened lower Monday premarket as U.S. President Joe Biden withdrew from the 2024 Presidential race.
On Sunday, Biden, 81, revealed his decision through a letter on social media platform X after a lackluster debate performance and increasing pressure from fellow Democrats to step aside.
The broader artificial intelligence chip sector led by Taiwan Semiconductor, Nvidia Corp (NASDAQ:NVDA), and Advanced Micro Devices, Inc (NASDAQ:AMD) noted a selloff last week after former President Donald Trump suggested that Taiwan should compensate the U.S. for its defense, highlighting the lack of a formal defense treaty.
Additionally, last week, reports indicated the U.S. intensified its advanced semiconductor sanctions against China, a significant market for Nvidia and its U.S. peers.
SPDR S&P 500 ETF Trust (NYSE:SPY), representing the US S&P500 index, lost 2.4% last week. iShares China Large-Cap ETF (NYSE:FXI), representing China, lost over 4%.
The AI chip stocks, including Nvidia and AMD, opened higher Monday premarket, reversing last week's losses.
Nvidia is reportedly developing a new AI chip tailored to meet US export restrictions for the Chinese market. Reports indicated Nvidia collaborating with Inspur, a key distribution partner in China, to introduce and distribute the new chip, tentatively named "B20," which is part of Nvidia's "Blackwell" series.
The chip stocks also got a boost from China, which lowered key interest rates. China is a key AI chip market. However, it faces several economic challenges, including weak growth in the second quarter and looming deflation.
On Monday, the People's Bank of China (PBOC) announced that it would cut the seven-day reverse repo rate to 1.7% from 1.8% and reduce the one-year loan prime rate (LPR) to 3.35% from 3.45%. Additionally, Reuters reports that China lowered the five-year LPR to 3.85% from 3.95%.
Price Actions: At the last check on Monday, NVDA was up 1.76% at $120 premarket. AMD was up 1.10% at $153.25. TSM was down 1.06% at $164.02.
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