TSMC among world's top 10 biggest stocks after US$72 billion surge

 Publish date: Tue, 28 Jul 2020, 11:37 AM

Taiwan's biggest stock is so hot it added US$72 billion in just two days, equal to swallowing Goldman Sachs Group Inc whole.
Taiwan Semiconductor Manufacturing Co rose as much as 9.9 per cent in Taipei on Tuesday, extending a stunning rally that's made it the world's 10th largest company.
The chipmaker is worth more than US$410 billion, leapfrogging past US giants Johnson & Johnson and Visa Inc.
Daily stock moves capped at 10 per cent in Taiwan's equity market.
It's difficult to overstate the influence that TSMC wields on Taiwan's financial markets.
Making up almost a third of the local benchmark, it has single-handedly pushed the Taiex past a record that had stood for three decades.
Its rally is attracting foreign flows into Taiwanese equities, increasing demand for the local currency.
The Taiwan dollar rose 1.0 per cent Tuesday to the strongest since April 2018.
The latest boost to TSMC's shares came after Intel Corp. warned last week that its seven-nanometer chips are behind schedule and it may outsource their production.
The US chipmaker is expected to funnel new business to TSMC, given its global lead in silicon fabrication and track record of making semiconductors for the world's largest tech corporations.
A report on Monday suggested that Intel had placed orders with TSMC for 180,000 units of 6nm chips for 2021.
Meanwhile, brokerages including Nomura Holdings Inc. and Credit Suisse Group AG upgraded TSMC to the equivalent of buy.
 - Bloomberg
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