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Taiwan shares hit record highs on AI boom with more room to rally [Video]

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Taiwan News

High-rise buildings sprawl out across the Taiwanese capital Taipei.

Ratima Sritangwong | EyeEm | Getty Images

Taiwan shares notched fresh all-time highs on Friday as a booming demand for artificial intelligence and semiconductor technology boosts investor optimism for the country’s tech firms.

Market watchers expect the rally in Taiwan stocks to strengthen further.

The Taiwan Weighted Index hit an intraday high of 20,296 before paring gains, according to data from Factset. It could go up to 24,000 before the year ends, according to Paul You, chairman of First Securities Investment Corporation.

The global demand for AI has been robust in the past two to three months and remains “very promising,” You said.  Asia-Pacific’s tech sector has been expanding on the back of the semiconductor boom even as other industries struggle amid global macro uncertainty.

That’s setting the stage for an economic boom for the island, which boasts the “strongest supply chain for AI service manufacturing,” according to You.

I would expect a very strong year, stock market …

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