MU - Why did Taiwan Semi stock go up today? Optimism over debt deal fuels gains

2023-05-17 16:33:27 ET

Along with the broader market, Taiwan Semiconductor ( NYSE: TSM ) shares rose on Wednesday as investors were buoyed by sentiment from Washington lawmakers that they will strike a deal to raise the country's debt ceiling.

Nearly 20.5M shares of Taiwan Semiconductor ( TSM ) changed hands, more than twice the average daily volume, as the stock gained nearly 6% .

In addition, it was reported that Japanese Prime Minister Fumio Kishida will meet with executives from some of the world's largest semiconductor companies in an effort to boost cooperation for the industry.

Prime Minister Kishida is likely to meet with representatives from Taiwan Semiconductor ( TSM ), Intel ( INTC ), IBM ( IBM ), Micron Technology ( MU ), Applied Materials ( AMAT ), Samsung ( OTCPK:SSNLF ) and IMEC, perhaps as soon as tomorrow.

Earlier this year, it was reported that Taiwan Semiconductor ( TSM ) was in talks to build a second plant in Japan.

Taiwan Semiconductor ( TSM ) is already building a wafer fab plant in Kumamoto, Japan, with the multi-billion dollar plant having been announced in November 2021.

More on Taiwan Semiconductor and investing news

• Chase Coleman's Tiger Global adds stakes in AAPL, TSM, exits RBLX, PDD
• Laffont's Coatue Management adds stakes in TSM, UNH and exits AVGO, BNTX
• Taiwan Semi slips even as CEO says working to control costs in face of Ukraine war

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