Major Apple supplier TSMC stock hits NT$1,000 in AI-powered rally

Taiwan Semiconductor Manufacturing Co. (TSMC) continues its record-breaking run, surging past NT$1,000 per share on the back of surging AI optimism ahead of its earnings report.
The stock (TSM) closed 2.7% higher in Taipei, reaching a new all-time high. This year alone, TSMC has climbed an impressive 70%. The rally is fueled by expectations of strong earnings driven by the booming demand for artificial intelligence technology.:
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Its market value based on the American depositary receipts recently surpassed Berkshire Hathaway Inc. to become the eighth-largest company globally, and is close to hit a market cap of $1 trillion.
TSMC is expected to post a 36% growth in the second-quarter revenue, from a year earlier, the fastest pace since the last quarter of 2022, according to a Bloomberg poll of 29 analysts. Bloomberg Intelligence expects the company’s revenue to beat market consensus by 10%, leading a batch of earnings’ surprises in Taiwan’s foundry sector.
UBS this week raised its full-year capital expenditure estimates for TSMC, citing increasing demand from generative AI and recovering margins on the back of cutting-edge technology. Meanwhile, Apple Inc.’s potential adoption of the company’s chip-stacking products also boosted sentiment.

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MacDailyNews Note: In pre-market trading, TSM is up another 1.2%.
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