TSMC, Chipmakers Rally After Morgan Stanley Calls a Recovery
- US investment bank expects the industry to bounce back in 2023
- It called TSMC, Hynix top stock picks for Asia in a recovery
Images of semiconductor wafers at the Taiwan Semiconductor Manufacturing Co. Museum of Innovation in Hsinchu, Taiwan.
Photographer: I-Hwa Cheng/BloombergThis article is for subscribers only.
Taiwan Semiconductor Manufacturing Co. surged the most in almost three months after Morgan Stanley projected a return to growth for the semiconductor industry by the second half of 2023, spurring a sector rally in Asia.
The investment bank crowned TSMC -- Asia’s most valuable listed corporation -- a top pick, calling it “an enabler of future technology.” TSMC gained 3.7% in Taipei, while memory chipmaker SK Hynix Inc. jumped 4.2%.