"TSMC Surges on Investor Confidence in AI Chip Demand"

Taiwan Semiconductor Manufacturing Co. gained $42 billion in market value, surpassing Visa Inc. to become the world’s 12th most valuable company, as investors bet on the chipmaker's potential in the AI development frenzy. TSMC's surge was driven by optimism around AI theme and Nvidia's visit to Taiwan, boosting investors' appetite for AI value chain plays and Nvidia suppliers. The company's outlook is positive, with expectations of solid growth this quarter and potential capital spending increase in 2024, reflecting anticipation of a recovery in smartphone and computing demand.