TSMC shares surge on Buffett stake

SHARES in Taiwan’s TSMC soared on Tuesday after Warren Buffett’s Berkshire Hathaway confirmed it had taken a close to

5 billion stake in a major boost of confidence for the semiconductor giant.

Taiwan Semiconductor Manufacturing Company operates the world’s largest silicon wafer factories and produces some of the most advanced microchips used in everything from smartphones and cars to missiles. The company’s shares and profits soared for the first two years of the coronavirus pandemic during a global shortage of semiconductors.

That climb came to an end this year as demand was clipped and the prospect of a global downturn loomed with the firm’s shares down 24 percent since January 1 and some

.S. 230 billion wiped from its valuation. But that rout turned a corner in the past week with a sudden surge of investor buying and in Tuesday morning trade the company was up nearly eight percent. That came after Buffet’s Hathaway confirmed in a filing it had acquired about 60 million American Depository Receipts in TSMC.