TAIEX hits new high, driven by TSMC and AI craze

Taiwan’s stock market, represented by the TAIEX, reached a new high, closing up 2.75 percent at 47,741.51 after surging more than 1,200 points.
This growth was driven by the booming semiconductor sector, largely influenced by a positive outlook on global artificial intelligence (AI) development.
TSMC (Taiwan Semiconductor Manufacturing Co), a major player, saw its shares rise 4.15 percent, contributing significantly to the TAIEX’s gains.
Other semiconductor companies like ASE Technology Holding Co, Nanya Technology Corp, and United Microelectronics Corp also surged due to rising demand and supply chain challenges.
Analysts attribute the rally to strong high-end chip sales for AI, as well as investments in AI-driven technology and electronics hardware suppliers.
Despite the strong performance in the tech sector, the financial sector experienced a downturn, with the TAIEX dropping 0.81 percent.
The traditional economy sector also saw gains, particularly in petrochemical and utilities stocks, due to government improvements in the electricity grid and AI trends.