TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Co. (TSMC) stock soared on Tuesday (April 9) over news the U.S. will give US$6.6 billion (NT$211 billion) to ramp up chip production, pushing Taiwan's stock market to a record high. 

Taiwan's Tuesday stocks saw TSMC reach a record high of NT$820 per share, reported CNA. Financial stocks also performed strongly, with support from the electronics, shipping, and construction sectors. 

The Biden administration signed an agreement with TSMC to provide it with US$6.6 billion to build three new fabs in Arizona, triggering its stock price to repeatedly reach new highs. During the trading session, it hit a peak of NT$820, setting a new record, and closed at NT$819, up by 4.6%.

The Taiwan Stock Exchange's (TWSE) main stock index, the Taiwan Capitalization Weighted Stock Index (TAIEX), repeatedly hit new highs throughout the day, closing with a significant gain of 378.50 points at 20,796.20 points. This set new records for intraday and closing prices.

That day, the turnover on the Taiwan Stock Exchange amounted to NT$442.301 billion. Electronics stocks rose by 2.11% by the end of the day, financial stocks increased by 1.03%, and shipping stocks surged by 2%. 

However, the computer and peripheral equipment sector, mainly dominated by AI server concept stocks, experienced a downturn of 0.69%. The over-the-counter (OTC) index, which is primarily composed of small and medium-sized stocks, also turned negative, falling by 0.39%.