Asian tech stocks rise as AI enthusiasm pushes Taiwan shares to record
Asian equity markets advance as renewed enthusiasm for artificial intelligence carries over from Wall Street into regional technology stocks. Taiwan’s benchmark index reaches a record high despite weakness in Taiwan Semiconductor Manufacturing Company, highlighting the breadth of investor demand for AI-linked shares.
Highlights
- Taiwan’s Taiex surges up to 1.9% intraday before closing 0.2% higher, now up more than 60% year-to-date on AI enthusiasm.
- Nasdaq Composite jumps 2.3% and S&P 500 climbs 1.5% on Monday, fueling Asian tech stocks amid strong US market momentum and lower inflation expectations.
- Meta surges 11.4% as Muse AI tops Apple's free app chart, while Intel and AMD rally 12.1% and 9.9% respectively, with AMD surpassing $1tn market cap.
Taiwan leads regional rally
As reported by Financial Times, buying in Asian technology shares accelerates on Tuesday after strong gains in U.S. markets, with Taiwan’s Taiex climbing as much as 1.9 per cent in early trading before ending the session up 0.2 per cent. The index is now up more than 60 per cent this year, putting it alongside South Korea’s Kospi among the region’s strongest beneficiaries of the AI-driven market surge.The Taiex reaches its highest level even as its largest constituent, Taiwan Semiconductor Manufacturing Company, falls 0.8 per cent. In South Korea, the Kospi gains 0.5 per cent, with SK Hynix down 1.5 per cent while Samsung Electronics adds 0.7 per cent. Japan’s markets are closed for a public holiday.
Wall Street momentum supports chip sector
The move in Asia follows a strong session in the U.S. on Monday, when the Nasdaq Composite jumps 2.3 per cent to a record closing high and the S&P 500 rises 1.5 per cent for its biggest one-day gain since early August. Investor sentiment strengthens as lower inflation expectations support the broader technology sector.Meta closes 11.4 per cent higher after its Muse AI personal assistant becomes the most downloaded free app on Apple’s App Store, extending its gain over the past month to about 35 per cent. AI-linked chip stocks also advance sharply, with Intel up 12.1 per cent and AMD rising 9.9 per cent to surpass $1tn in market value, while the Philadelphia Semiconductor index gains 4.3 per cent.
In our earlier coverage, we examined how Taiwan’s Taiex surged to a fresh intraday record as AI optimism powered heavyweight technology names and highlighted the market’s heavy reliance on semiconductors. We also noted that tech makes up the vast majority of the benchmark, reinforcing Taiwan’s outsized role in advanced chip production and why global AI demand continues to shape the island’s equities.
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