TAIPEI: Taiwanese chip giant TSMC on Tuesday briefly became the world's tenth largest company thanks to a two-day surge in its stock price that has propelled the island's exchange to a record high. Taiwan Semiconductor Manufacturing Company, the world's largest contract microchip maker, produces the processors that provide the computing muscle for everything from iPhones, laptops and games consoles to servers and critical internet infrastructure.
The company's worth reached some $410 billion on Tuesday morning to surpass US firms Johnson & Johnson and Visa to rank 10th in the world, according to Bloomberg News. Shares rose by the maximum 10 percent Tuesday to a high of Tw$466.5 ($15.8) within the first ten minutes of trading before paring back to Tw$437.5 by the middle of the day. TSMC also hit the 10 percent limit Monday, adding $35 billion to its value and propelling the Taiex to an all-time high for the first time in three decades.
The Taiex is dominated by TSMC, which accounts for a whopping one third of the exchange. So far this year the Taiex is currently up five percent, but without TSMC it would be down around two percent.
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