(Bloomberg) — Taiwan Semiconductor Manufacturing Co., Taiwan’s biggest company and chip producer for the likes of Apple Inc., was up as much as 10% on an intraday basis Monday, extending a rally of more than $160 billion since March.The most prominent driver for renewed enthusiasm came from Intel Corp.’s warning last week that its first 7-nanometer chips will be on sale a year behind schedule and the company may potentially farm out production, most likely to foundry leader TSMC. A report on Monday suggested Intel had placed orders with TSMC for 180,000 units of 6nm chips for 2021.Read more: Intel Plunges as It Weighs Exit From Manufacturing ChipsTSMC is among the few companies that have weathered the coronavirus outbreak without suffering a severe slowdown in business. Long-term investments in fifth-generation wireless technology and high-performance computing from its customers have sustained order volumes and the company even raised its 2020 outlook and expects capital expenditure to rise to as much as $17 billion.Accounting for more than a quarter of Taiwan’s Taiex benchmark, TSMC’s rising price has the index on pace to top 1990’s record close on Monday. Taiwan’s stocks have proved resilient to both the pandemic and China-U.S. disputes this year. That is largely due to the administration of President Tsai Ing-wen containing the spread of the coronavirus so far, success that has kept the economy on track.Listed companies saw sales rise 6% in June from a year earlier, the strongest growth since October 2018, the Taiwan Stock Exchange said July 13.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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