Taiwan became the world’s fifth largest stock market by total value in May, according to Bloomberg calculations. The TAIEX index has risen about 55% year-to-date, driven by TSMC which accounts for 40% of the index and has gained 50%. Sherman Lin, chair of the Taiwan Stock Exchange, said the island’s real competitive advantage lies in its artificial intelligence ecosystem, not in a single company. The exchange is seeking to broaden its appeal beyond TSMC by targeting other AI supply chain companies and hidden champions, while implementing a corporate governance improvement program. The island still has ground to make up: it raised only $3.3 billion through 70 IPOs last year, compared to $37.4 billion for Hong Kong.
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