TSMC’s shares have surged more than 110% from an October 2022 low amid the global investor mania over artificial intelligence, tracking gains in key customer Nvidia Corp. Although AI-related revenue accounted for just 6% of TSMC’s total revenue last year, the market has been pricing in a big jump in that figure on the promise of an explosion in demand.
The rapid ascent in Taiwan Semiconductor Manufacturing Co is making it harder to ignore risks for the world’s largest contract chipmaker, even for its staunchest supporters.
