Thursday, July 18, 2024
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AI boom reshapes Wall Street as TSMC joins trillion-dollar club

NEW YORK (AFP) – The entry of chip giant TSMC into the elite club of the world’s most valuable companies is further proof that the generative artificial intelligence (AI) revolution is shaking up Wall Street.

TSMC, listed in both Taiwan and New York, briefly broke the USD1 trillion market capitalisation barrier on Monday, putting it ahead of Tesla as the seventh most valuable technology giant on the stock market.

Also on Monday, Alphabet, Apple and Meta all hit all-time highs.

The top 10 of the world’s most valuable companies is headed by Microsoft and Apple, closely followed by AI chip designer Nvidia.

Their global stock market valuations exceed USD3 trillion on Wall Street.

Visitors watch an exhibit at the TSMC Renovation Museum in Hsinchu Science Park.

Alphabet and Amazon, which recently topped the USD2 trillion mark, follow in an ever-changing ranking.

The Saudi oil giant Aramco slipped into sixth place followed by Meta, TSMC and Tesla.

“The semiconductor industry is now the leading sector in the S&P 500,” noted CFRA analyst Angelo Zino recently.

The explosion in worldwide demand for chips, boosted by the rise of computing-intensive generative AI, promises sustained expansion for the industry.

Worldwide sales of semiconductors, which include integrated circuits, microprocessors and memory chips, are expected to reach USD611.2 billion in 2024, according to the Semiconductor Industry Association.