TSM - Taiwan's Tech Surge Boosts Stocks With Rising AI And Semiconductor Demand | Benzinga
On Friday, Taiwanese stocks soared to new heights, driven by the burgeoning demand for artificial intelligence (AI) and semiconductor technology. This trend is expected to continue, according to market analysts.
What Happened: The Taiwan Weighted Index reached an intraday peak of 20,296 before receding, as reported by CNBC.
According to Paul You, chairman of First Securities Investment Corporation, the index is projected to rise to 24,000 by the end of the year.
You attributed the global AI demand to the robust performance of the Asia-Pacific tech sector, which has been thriving amid global macroeconomic uncertainty. This has set the stage for an economic boom in Taiwan, which boasts a robust AI service manufacturing supply chain.
Leading the charge is chip giant Taiwan Semiconductor (NYSE:TSM), the primary contract chip manufacturer for Nvidia, whose stock has surged over 30% this year. Other Taiwanese firms, such as Quanta Computer (OTC:QUCCF) and Wistron (OTC:WICOF), have also significantly increased.
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Another factor contributing ...