---
title: "Nvidia Optimism Lifts Japan, Taiwan Stock Gauges to Record Highs"
description: "Nvidia Corp.’s robust forecast is powering another rally in artificial intelligence-related shares, boosting markets like Japan and Taiwan to new heights."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Newsdeck"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-02-22-nvidia-optimism-lifts-japan-taiwan-stock-gauges-to-record-highs/"
published: "2024-02-22T18:55:28"
updated: "2024-02-22T18:59:39"
lang: "en-ZA"
word_count: 197
---

# Nvidia Optimism Lifts Japan, Taiwan Stock Gauges to Record Highs

> Nvidia Corp.’s robust forecast is powering another rally in artificial intelligence-related shares, boosting markets like Japan and Taiwan to new heights.

By Bloomberg · Published 22 February 2024, 20:55 SAST · Updated 22 February 2024, 20:59 SAST

## Content

The Nikkei 225 [topped](https://www.bloomberg.com/news/articles/2024-02-22/japan-s-nikkei-hits-intraday-high-surging-past-1989-record) its previous peak on Thursday as semiconductor supply chain players such as Advantest Corp. and Tokyo Electron Ltd. advanced. A rally in chip giant Taiwan Semiconductor Manufacturing Co. — Nvidia’s biggest Asian supplier — this month lifted Taiwan’s equity benchmark to a record high.

Analysts have upgraded target prices and earnings estimates for Nvidia after it forecast revenue in the current period at about $24 billion, beating average predictions of $21.9 billion. This bodes well for stocks tied to the US company’s supply chain and has buoyed [European stocks](https://www.bloomberg.com/news/articles/2024-02-22/european-stocks-follow-wall-street-s-path-to-hit-record-high) to a record Thursday.

“We continue to believe that Nvidia drives a ‘halo effect’” for the sector, Melius Research analyst Ben Reitzes wrote in a note.

Read: [AI Mania Resumes, With Nvidia Outlook Saving Broader Market](https://www.bloomberg.com/news/articles/2024-02-21/ai-mania-resumes-with-nvidia-outlook-saving-broader-market)

Nvidia gave revenue guidance for the current period that beat Wall Street’s lofty expectations, signaling demand remains solid for the hardware that purports to usher in a revolution in productivity — and profitability.

Nvidia’s market capitalization increased by more than $400 billion this year — bringing its valuation to $1.7 trillion — as investors bet that the company will remain the prime beneficiary of an AI computing boom.