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.