TSMC regains $500 billion mkt cap as investors clamor for AI, chips

Taiwan Semiconductor Manufacturing Co. regained its $500 billion market capitalization after investors ramped up bets on tech leaders best-placed to ride an anticipated AI boom.

Asia’s most valuable company gained more than 3% Tuesday, fueled also by hopes that a post-Covid chip downturn is nearing an end. That took its 2023 gain to 32%, cementing its position amongst the world’s 10 most valuable corporations after overtaking Visa Inc. in May.

Investors are piling into stocks from Nvidia Corp. to Oracle Corp. they perceive as in prime position to ride surging demand for the chips, computing power and storage needed to train artificial intelligence services like OpenAI’s ChatGPT.