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

Nvidia stock posted an intraday record Thursday after billionaire investor Stanley Druckenmiller said selling shares of the chip maker was a “big mistake” and Taiwan Semiconductor Manufacturing’s earnings revealed just how right that statement is.

The stock’s recent breakout from a multimonth bullish “pennant” chart pattern might have some on Wall Street targeting a rally above $170.

Key Takeaways Nvidia shares set yet another record high Thursday as concerns earlier this week about a softening in the semiconductor market was eased by TSMC's earnings report.The Taiwanese supplier of chips to Nvidia,