Techs led US stock futures higher on Thursday as TSMC’s (TSM) upbeat outlook eased worries about AI chip demand, with the subsequent batch of earnings and retail sales data on deck.

Contracts on the tech-heavy Nasdaq 100 (NQ=F) rose 0.8%, while S&P 500 futures (ES=F) added 0.4%. Dow Jones Industrial Average futures (YM=F) held near a record high logged as the foremost gauges rebounded to shut with gains.

Contract chipmaker TSMC posted a 54% jump in quarterly profit to beat Wall Street estimates and raised its forecast for 2024 revenue growth amid surging AI demand. The outlook boost from the fundamental chipmaker for Apple (AAPL) and Nvidia (NVDA) reassured a market spooked by ASML’s (ASML) downbeat sales forecast, reviving hopes for an AI boom.

TSMC’s US-listed shares climbed 8% in premarket trading, poised to cross a $1 trillion market valuation if the gains hold within the regular session. Its forecast helped spur a rally chip stocks including Arm (ARM), up 3.6%, Nvidia, and Broadcom (AVGO).

On the information front, a monthly report on retail sales due later could show whether the economy is reaccelerating following a surprisingly strong September jobs report. A weekly reading on jobless claims can be on the docket, similarly watched by investors debating whether the Federal Reserve will hold off from cutting rates of interest in November.

After a stellar showing by big banks, the focus is now on Big Tech earnings to wipe away the disappointments of the last quarter. After the bell, Netflix becomes the primary “Magnificent Seven” megacap to report, with Wall Street on look ahead to price-hike news to potentially lift the stock.