TSMC Gains $42 Billion to Pass Visa as Investors Bet on AI Boom
- Global AI activity should benefit Taiwan’s largest company
- TSMC is the main contract chipmaker to Nvidia and Apple
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Taiwan Semiconductor Manufacturing Co. gained about $42 billion of market value after investors bet the chipmaker to Nvidia Corp. and Apple Inc. will become one of the biggest winners of an AI development frenzy.
Taiwan’s largest company soared 7.9% in the first trading session after a week-long Lunar New Year break, propelling its capitalization to a record $575 billion. That was enough to surpass Visa Inc. to become the world’s 12th most valuable company. TSMC’s biggest gain in more than a year emerged after Morgan Stanley lifted its price target on the chipmaker by about 9%.