Share surge propels Taiwan chip giant TSMC into top 10

Observers said TSMC rallied following news that US giant Intel had been forced to place orders with rivals owing to delays with its own next-generation chip AFP/SAM YEHTAIPEI: Taiwanese chip giant TSMC on Tuesday briefly became the world's 10th largest company thanks to a two-day surge in its stock price that has propelled the island's exchange to a record high.

Shares rose by the maximum 10 per cent on Tuesday to a high of TW$466.5 within the first 10 minutes of trading before paring back to TW$437.5 by the middle of the day. Despite the US-China trade war and the coronavirus pandemic investors have flocked to TSMC. Even before Monday's rally the company's share price was up 17 per cent this year.

Asian chip giants like TSMC and Samsung are likely to benefit as a result of any delays Intel might suffer.

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