TAIWAN’S stock index hit a record high on Thursday (Feb 15), fuelled by a surge in tech titan Taiwan Semiconductor Manufacturing Company (TSMC) after it reported strong sales that lifted optimism for the sector and demand for chips used for artificial intelligence.
The Taiex jumped as much as 3.5 per cent at the opening, surpassing a January 2022 peak, as traders returned from their Chinese New Year holiday.
Market-heavyweight TSMC spiked as much as 9.8 per cent in the morning session – the biggest intraday rise since summer 2020, according to Bloomberg News.
It later pared the gains to sit around eight per cent higher.
The gains were driven by earnings earlier this month showing a 7.9 per cent on-year increase in January revenues.
TSMC is a key producer of tiny microchips that have been the lifeblood of the global economy, powering everything from coffee machines to missiles.
The firm counts Apple and Nvidia as clients, and controls more than half the world’s output of the silicon wafers.
It is also Taiwan’s largest stock, accounting for around 30 per cent of the Taiex. AFP
