(Bloomberg) — Taiwan Semiconductor Manufacturing Co. briefly surpassed $1 trillion in market capitalization after Morgan Stanley joined a list of brokers boosting price targets on the chipmaker before its earnings.
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TSMC ADRs shares jumped as much as 4.8%, to touch the milestone just after the opening bell in New York on Monday, taking its share price increase this year to more than 80%. The Taiwanese chipmaker overtook Berkshire Hathaway Inc. earlier in June to become the world’s eighth most valuable company, based on its ADRs, which trade at a considerable premium to its Taipei-traded shares.
TSMC’s position as the sole supplier of Apple Inc. and Nvidia Corp.’s most important chips makes it a favorite play among global investors in AI. Those $3 trillion companies have seen their shares rise with the tide of artificial intelligence, making their…
