(Bloomberg) — Taiwan’s biggest stock is so hot it added $72 billion in just two days — equal to swallowing Goldman Sachs Group Inc. whole.Taiwan Semiconductor Manufacturing Co. rose as much as 9.9% in Taipei on Tuesday, extending a stunning rally that’s made it the world’s 10th largest company. The chipmaker is worth more than $410 billion, leapfrogging past U.S. giants Johnson & Johnson and Visa Inc. Daily stock moves capped at 10% in Taiwan’s equity market.It’s difficult to overstate the influence that TSMC wields on Taiwan’s financial markets. Making up almost a third of the local benchmark, it has single-handedly pushed the Taiex past a record that had stood for three decades. Its rally is attracting foreign flows into Taiwanese equities, increasing demand for the local currency. The Taiwan dollar rose 1% Tuesday to the strongest since April 2018.The latest boost to TSMC’s shares came after Intel Corp. warned last week that its 7-nanometer chips are behind schedule and it may outsource their production. The U.S. chipmaker is expected to funnel new business to TSMC, given its global lead in silicon fabrication and track record of making semiconductors for the world’s largest tech corporations.A report on Monday suggested that Intel had placed orders with TSMC for 180,000 units of 6nm chips for 2021. Meanwhile, brokerages including Nomura Holdings Inc. and Credit Suisse Group AG upgraded TSMC to the equivalent of buy.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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