TSMC Shares Hit Record High, Market Cap Reaches $2.5 Trillion

TSMC's record valuation reflects how concentrated the AI trade has become in a handful of listed names, with the chipmaker functioning as a proxy for demand across the semiconductor supply chain rather than a story of its own. The significance is less the headline number than what it says about where capital is willing to sit. Whether that concentration persists, or rotates toward the broader RWA and infrastructure plays that depend on the same compute buildout, is the open question worth watching.