Taiwan Stock Market Hits Record High, TSMC Shares Surge

The record high is effectively a single-stock story: TSMC's outsized weighting means the index's move is largely a proxy for sentiment on the semiconductor cycle rather than a broad-based Taiwan re-rating. That concentration cuts both ways, since any shift in demand expectations or geopolitical risk would transmit straight into the index. Whether the rally broadens beyond semiconductors is the open question.