Taiwan’s TSMC scaled a record high on Thursday after posting strong second-quarter revenue on booming demand for AI applications, cementing its position as Asia’s most valuable company. TSMC also topped a trillion dollar market value this week. The AI frenzy has sparked a rally in chipmaker stocks across the globe. Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chipmaker, whose customers include AI poster child Nvidia, has especially benefited from the soaring demand for AI-capable chips. Foreign investors have poured $4.8 billion so far this year into Taiwan’s stock market, which is dominated by TSMC. Asian funds, however, according to HSBC, still remain underweight on Taiwan, suggesting there could be room for further inflow. Shares of TSMC, whose customers also include Apple, have jumped nearly 80% this year, widely outperforming the benchmark Taiwan SE Weighted Index, which is up 35%. On Thursday, TSMC’s Taipei-listed shares rose more than 2% to a record T$1,080, taking the company’s market value to T$28 trillion ($861 billion) and making it Asia’s most valuable publicly listed company. TSMC’s ADRs , first listed on the NYSE in 1997, jumped 4.8% to a record $192.79 on Monday, briefly boosting the firm’s market value to $1  trillion. On Wednesday, the ADRs closed at $191.05. TSMC is due to report its full second-quarter earnings on July 18. AI-focused companies, mostly chipmakers, have had a good run this year and saw big gains in market capitalization in June.

Full report : AI frenzy takes Taiwan’s TSMC to record peak, puts it in trillion dollar club.