TSMC's bullish outlook cheers Taiwan stocks, government

Taiwan Semiconductor Manufacturing Company (TSMC) logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

TAIPEI: Taipei-listed shares of Taiwanese chipmaker TSMC soared on Friday after the company gave a bullish outlook for the year on the back of the boom in artificial intelligence (AI), cheering tech stocks at home and abroad.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major Apple Inc and Nvidia supplier, on Thursday projected more than 20% growth in 2024 revenue on booming demand for high-end chips used in AI.