Semiconductor shares gained in morning trading. Direxion Daily Semiconductors Bull 3x Shares rose 6.6%; Broadcom rose 5%; AMD up more than 4%; TSMC rose over 3%; Qualcomm, Super Micro, Nvidia rose over 2%.

There are at least four issues clouding over shares of NVIDIA Corp., which are down more than 10% from their record-high close. But Morgan Stanley analyst Joseph Moore thinks soon only one thing will matter for the company: Blackwell.

That’s the company’s new chip, and by the second half of 2025, Moore expects “the only topic” for investors will be the strength of this ramping product.

“We have tended to be most enthusiastic on Nvidia when the near-term data points appear mixed, but underlying dynamics are very strong,” he wrote Friday. “We think we are approaching that point now. We think there are a number of concerns here, some of which are overstated, some of which are anxiety inducing short term but we believe irrelevant longer term.”

Qualcomm's central processors are properly licensed under an agreement with Arm Holdings, a jury found in a trial in U.S. federal court that removed some, but not all, uncertainty around the mobile chipmaker's expansion into the laptop market.

A week of courtroom arguments and deliberations ended in a mistrial after the jury failed to resolve one of three questions put before it in the trial between the two chip giants. Qualcomm said the result affirmed its right to innovate, but Arm vowed to seek a new trial.

Taiwan Semiconductor Manufacturing Co’s US-listed shares cost almost 25% more than those in its domestic market at the end of last week, a sign that global investors are still willing to pay up for stocks that can benefit from the AI boom.

The chipmaker’s American depositary receipts have long traded at a premium to its Taipei-listed equities, due to a mix of easier access for foreign investors and inclusion in popular indexes. But the 24.6% premium at Friday’s close was the highest since Oct 17 and well above the daily average of 19% for this quarter, according to data compiled by Bloomberg.