Taiwan Semiconductor Manufacturing Co. saw its shares go up as trading started again after the Lunar New Year break. This rise was helped by strong sales in January and positive feelings about chip stocks worldwide.
The company's shares, which are used by big names like Apple, Nvidia, and Qualcomm, went up by 8.4% in early trading. This was the largest one-day increase in over three years. The rise on Thursday brought the total gains for the year to 18% and helped boost the Taiex index by 3.0%, setting it on course to reach a new record high.
Arisa Liu, a director of semiconductor research at the Taiwan Institute of Economic Research, mentioned that TSMC benefited from increased demand in the artificial intelligence sector and its leadership in 3-nanometer process technology, which is used in high-performance computing.
She said, "TSMC’s performance in 2024 is expected to shake off the shadow of the 2023 recession and move towards strong growth."
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