TSMC, chipmakers rise premarket; Fortinet, SolarEdge slip

US stock index futures pointed higher on Thursday after Taiwan Semiconductor Manufacturing Co. — the world’s biggest contract chipmaker — posted a stronger-than-expected third-quarter profit on Thursday that was driven by sustained demand from the artificial intelligence industry.

By 08:01 ET (12:01 GMT), the S&P 500 futures contract had gained 23 points or 0.4% and Nasdaq 100 futures had added 160 points or 0.8%, and Dow futures had inched up by 33 points or 0.1%.

Here are some of the biggest premarket US stock movers today:

• US-listed shares in Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) jumped after the chipmaker clocked a net profit of T$325.26 billion ($10.1 billion) in the three months to September 30. The figure was higher than a Reuters estimate of T$300.2 billion. TSMC also provided an upbeat outlook for the current quarter, partly citing improved capacity utilization.
• Chip stocks rose after TSMC’s blowout earnings report. Shares in TSMC-customer Nvidia (NASDAQ:NVDA) climbed 3.1% in premarket trading, while Advanced Micro Devices (NASDAQ:AMD) and Broadcom (NASDAQ:AVGO) added 2.7% and 2.8%, respectively. Intel (NASDAQ:INTC) shares also advanced by 1.2%, Qualcomm (NASDAQ:QCOM) increased by 2.3%, and Micron Technology (NASDAQ:MU) gained 2.2%.
• Alcoa (NYSE:AA) shares rose after the aluminum producer unveiled better-than-anticipated adjusted core earnings for the third quarter that were boosted by a jump in alumina prices.
• Expedia (NASDAQ:EXPE) shares spiked following a report in the Financial Times that ride-hailing giant Uber (NYSE:UBER) had explored a possible offer for the digital travel booking firm.
• Freight-transportation group CSX Corporation’s (NASDAQ:CSX) shares slumped on weaker-than-expected third-quarter earnings per share and revenue, with analysts citing the impact of recent hurricane activity.
• Fortinet (NASDAQ:FTNT) shares slipped after analysts at Mizuho downgraded their rating of the security software business.
• Shares in SolarEdge Technologies (NASDAQ:SEDG) dipped after analysts at Guggenheim lowered their rating of the solar company to “Sell” from “Neutral”.
• Topgolf Callaway Brands (NYSE:MODG) dropped after B. Riley analysts slashed their rating of the golf company due to weakness at its eponymous chain of driving ranges.