The Taiwanese semiconductor giant TSMC is making records each day in terms of revenue. It gained a massive amount of revenue last quarter and its promising progress in silicon fabrication has made it a perfect place for investment.
So, the world’s largest semiconductor manufacturer has witnessed a something unimaginable, this week its shares got a boost of a whopping $72 billion. As Bloomberg reports, TSMC on Tuesday (28th July), briefly became the world’s 10th most valuable corporation.
The Taiwan’s biggest stock jumped by 1.2% in Taipei, after rising as much as 9.9% and went beyond $410 billion in market evaluation. It defeated U.S. giants like Johnson & Johnson and Visa Inc. in the process. The daily stock moves are capped at 10% in Taiwan’s equity market.
TSMC’s progress in silicon fabrication has attracted a bunch of investors across the globe. It’s a 7nm process to 3mm process, TSMC is in another dimension with its development in the 2nm process as well, making it’s future much more secure than ever.
Obviously, TSMC has played a major role in Taiwan’s economy and the financial market as a whole. The company itself has pushed the Taiex past a record that had stood for three decades.
Foreign investments have been poured into Taiwanese equities, which in-turn has increased the demand for the local currency. The Taiwan dollar rose 1% on Tuesday to the strongest since April 2018.
Unsurprisingly, this huge bump in share comes as just after last week’s announcement from Intel that its 7nm production is behind schedule and it may have to outsource its production. This may open up a new business for TSMC and in-turn has led shareholders to pour money into Taiwan’s biggest semiconductor company.
Not only TSMC has witnessed this surge but also other chip manufacturers like Samsung Electronics and China’s SMIC received 5.8% and 6.6% boost in shares, respectively. Meanwhile, rumors even suggest that Intel has already placed orders with TSMC for 180,000 units of 6nm chips for 2021.
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