TSMC shares hit record high as investors bet on crypto-mining

Beijing

TAIWAN Semiconductor Manufacturing Co's shares rose to a record high after Apple Inc's main chip supplier reported quarterly results ahead of expectations, buoyed by global demand for the powerful semiconductors used in cryptocurrency mining.

The stock finished 2.8 per cent higher at NT$255.50 (S$11.49) on Friday. Investors focused on TSMC's ability to ride a boom in cryptocurrency mining driven by bitcoin's 1,400 per cent leap last year - the same explosive growth that has bolstered shares of designers from Nvidia Corp to Advanced Micro Devices Inc.