As the top chip company, Nvidia's chips are in high demand from the largest companies, like Amazon and Microsoft, that are building out huge AI businesses. They themselves are serving other giants with AI tools and services in partnership with Nvidia, offering access to the chipmaker's powerful technology.

Shares of Taiwan Semiconductor gained after its Q2 earnings report. Earnings season is kicking off again, and one of the biggest companies to report earnings so far is Taiwan Semiconductor Manufacturing (NYSE: TSM),