"TSMC Surges Past Visa with $42 Billion Gain on 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 development and a long-awaited recovery in global consumer electronics demand, with its leading-edge foundry business expected to benefit from the migration to larger language models. The company's executives anticipate solid growth this quarter and are prepared to raise capital spending in 2024, signaling confidence in a recovery in smartphone and computing demand.