Semiconductor Stocks Surge: Applied Materials, ASML, and TSMC Lead Gains

Semiconductor stocks, including Applied Materials, ASML Holding, and Taiwan Semiconductor, surged on Wednesday due to positive news from China and Taiwan. Applied Materials received an upgrade from Barclays, citing increased orders from China and expected capital investment in the U.S. due to the CHIPS Act. ASML's stock rose in tandem, while TSMC's stock was boosted by a raised price target and strong demand for 2 nanometer chips. Despite the gains, none of the stocks are considered cheap, with TSMC being the closest to a "buy" due to its growth rate.