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.

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.

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.