Nvidia shares (NVDA+2.26%) briefly hit a new intraday high on Thursday after its Taiwanese chipmaker partner beat earnings expectations.

The chipmaker’s stock rose about 2.8% to about $139.51 per share in midday trading on Thursday. Earlier in the day, the stock briefly climbed over 3%, setting a record high new intraday record of $140.89 per share, according to CNBC. The stock’s last intraday record high was on June 20, when it hit $140.76 per share.

Taiwan Semiconductor Manufacturing Company (TSM+11.11%) shares rose about 12% during midday trading on Thursday after beating third-quarter earnings expectations.

This was reported by the Taiwanese chip manufacturer Revenue of NT$759.69 billion or US$23.5 billionfor the quarter ended September 30. TSMC said third-quarter revenue increased 36% year over year in U.S. dollars and 12.9% quarter over quarter. In new Taiwan dollars, both net income and diluted earnings per share (EPS) rose 54.2%. TSMC was expected to report revenue of $23.3 billion in the September quarter, according to analyst estimates compiled by FactSet.FDS-0.01%).

“Our third quarter business was supported by strong smartphone and AI-related demand for our industry-leading 3nm and 5nm technologies,” TSMC Chief Financial Officer Wendell Huang said in a statement. “For the fourth quarter of 2024, we expect our business to continue to be supported by strong demand for our leading process technologies.”

TSMC, which includes Nvidia and Apple (AAPL-0.14%) as major customers has seen shares rise over 107% so far this year.

Meanwhile, shares of Nvidia fell over 4% earlier this week after closing at a record high. The decline came after a report that the The US could limit sales of advanced artificial intelligence chips from US-based chip manufacturers to certain countries. Biden administration officials have talked in recent weeks about setting a cap on export licenses for advanced AI chips, including those from Nvidia and rival AMD (AMD+0.88%), to Middle Eastern countries, citing national security concerns, Bloomberg reported.