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Tech led US stocks higher on Thursday as TSMC's (TSM) upbeat outlook eased worries about artificial intelligence chip demand, helping lift shares of chip heavyweight Nvidia (NVDA) to an intraday alltime high. Strong retail sales data also reinforced overall strength in the US economy.

The techheavy Nasdaq Composite (^IXIC) rose just over the flatline, while the S&P 500 (^GSPC) ticked below it, after briefly touching an intraday record. The Dow Jones Industrial Average (^DJI) gained 0.4% to hover near alltime highs.

Contract chipmaker TSMC posted a 54% jump in quarterly profit to beat Wall Street estimates and raised its forecast for 2024 revenue growth amid surging AI demand. The outlook boost from the main chipmaker for Apple (AAPL) and Nvidia reassured a market spooked by ASML's (ASML) downbeat sales forecast, reviving hopes for an AI boom.

TSMC's USlisted shares climbed about 10%, crossing a $1 trillion market valuation. Its forecast helped spur a rally in chip stocks, including Arm (ARM), Broadcom (AVGO), and Nvidia, which all were up more than 2%.

On the data front, retail sales jumped 0.4%, more than the 0.3% rise expected, giving credence to the argument the economy could be reaccelerating following a surprisingly strong September jobs report. Weekly jobless claims came in at 241,000, far below expectations, and a drop from the prior week's upwardly revised 260,000. The data released Thursday morning was watched by investors debating whether the Federal Reserve will hold off from cutting interest rates in November.

After a stellar showing by big banks, the focus is now on Big Tech earnings to wipe away the disappointments of the last quarter. After the bell, Netflix (NFLX) popped as much as 5% following better than expected earnings and subscriber growth.

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