TSMC soars most since 2020, lifting Taiwan on AI optimism

Taiwan Semiconductor Manufacturing Co. (TSMC) gained its most in more than three years after Morgan Stanley lifted its price target on Nvidia’s chipmaker by about 9%, citing its growing AI business.

Taiwan’s largest company soared 9.8% after resuming trade following the weeklong Lunar New Year break, the biggest intraday climb since July 2020.

The company’s surge propelled Taiwan’s benchmark index to a record high, as expectations of booming demand for artificial intelligence technology drove investor sentiment.