TSMC Outlook Drives $165 Billion Chip Rally – Caixin Global
(Bloomberg) — Semiconductor stocks from Tokyo Electron Ltd. to Nvidia Corp. gained more than $160 billion of market value after Taiwan Semiconductor Manufacturing Co. Ltd.’s outlook for capital spending and revenue lifted hopes of a broad tech recovery in 2024.
TSMC’s better-than-projected numbers underscored expectations for a bounce-back in smartphone, chip and computing demand, following more than a year of post-Covid malaise. On Friday, the world’s most valuable chipmaker gained more than 6% in Taipei — its biggest gain in almost a year — after a near-10% climb in the U.S. Key suppliers Tokyo Electron and Advantest Corp. gained more than 5% in Tokyo. Together, they fueled a gain in semiconductor stocks from the U.S. to Asia of roughly $165 billion, based on Bloomberg’s calculations.
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