Nvidia (NASDAQ: NVDA) stock is jumping Thursday following the Federal Reserve's recent interest rate cut. The company's share price was up 4.9% as of 3 p.m. ET.

It’s Fed decision day—and it'll be difficult for the chip maker's shares to make gains until investors have more clarity about the central bank's next move.

While Nvidia is considered the top player in the AI chip market, it utilizes TSMC's foundries for its chip manufacturing. Nvidia was TSMC's second-largest customer last year, accounting for 11% of the Taiwan-based foundry giant's revenue. This may lead investors to believe that TSMC's fortunes are dependent on Nvidia's.