Taiwan's stock market is up 28% so far this year, thanks to AI optimism

Optimism in AI drove up Taiwan's stock market in the first half of 2024, making it the top performing market in Asia-Pacific so far this year.

The potential and scale of the AI investment cycle continues to drive economic activity globally, he said, adding that the impact of AI investments are broadening out to sectors such as industrials, materials and utilities.The Nikkei smashed past a 34-year record in February, breaching its previous all-time high of 38,915.87, set on Dec. 29, 1989.

While most Asian markets are in positive territory year-to-date, three stock markets — Thailand, Indonesia and the Philippines — fell into negative territory. that the U.S. central bank will cut interest rates once this year, but will wait until December to do it. "One or two rate reductions next year seems more realistic," Orchard said, warning that there's a chance the Fed might even raise borrowing costs next year.

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