Taiwan's Taiex closed at a record high on Tuesday as AI-driven tech buying swept across Asian markets, a day after the Nasdaq Composite closed at a record in the US. Meta's new Muse AI assistant and rallies in chip stocks such as Intel and AMD drove the move on Wall Street, while Japan's markets stayed shut for a holiday.
Taiwan's Taiex rose as much as 1.9% in early trading before closing up 0.2%, a record close. The index is up more than 60% this year, rivaling South Korea's Kospi in riding the AI boom. The gain came despite a 0.8% fall in its largest constituent, chipmaker Taiwan Semiconductor Manufacturing Company.
South Korea's Kospi gained 0.5%, with chipmaker SK Hynix down 1.5% while rival Samsung Electronics added 0.7%. Japan's markets were closed for a public holiday.
Wall Street sets the tone
The Asian moves followed a record session in the US. The Nasdaq Composite jumped 2.3% on Monday to a record closing high, while the S&P 500 rose 1.5% for its biggest one-day gain since early August.
Meta closed 11.4% higher on Monday after its Muse AI personal assistant became the most downloaded free app on Apple's App Store. The stock has gained about 35% over the past month.
Chip stocks extend the rally
Chip stocks linked to the AI trade also rose on Monday. Intel added 12.1%. AMD rose 9.9% to surpass $1tn in market value. The Philadelphia Semiconductor index, which tracks major US chip companies, rose 4.3% as the tech sector broadly benefited from lower inflation expectations.
Source: Markets (FT)
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