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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.

Images of semiconductor wafers at the Taiwan Semiconductor Manufacturing Co. Museum of Innovation in Hsinchu, Taiwan.

Photographer: I-Hwa Cheng/Bloomberg

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%.