Taiwan

錯過輝達別灰心！分析師曝「這2檔」股票必須跟進：需求旺到2028年

Yahoo Finance | Local Language | News | Jan. 23, 2026 | UndeterminedInvestor Sentiment

The AI boom is driving unprecedented corporate capital expenditure, with TSMC and Micron Technology identified as key beneficiaries due to their central roles in the AI technology ecosystem. Analyst Keithen Drury highlights these two stocks as crucial investments for 2026, with AI-related demand projected to remain strong through 2028.

TSMC, the world's leading logic chip manufacturer, has deep partnerships with major tech companies like NVIDIA and Apple. Its advanced process technology is indispensable to AI development, with AI chip revenues expected to grow at a mid-to-high 50% CAGR from 2024 to 2029. Despite this growth, TSMC's stock trades at a relatively low P/E of about 23 compared to peers, suggesting a strong entry point for investors.

Micron Technology, a leader in memory production critical for AI computing, particularly high-bandwidth memory (HBM), is experiencing robust revenue growth driven by surging AI demand. The memory industry’s cyclical nature has kept Micron's valuation low at an estimated P/E of about 10, but analysts expect continued growth with the HBM market expanding at a 40% CAGR through 2028. Micron recently announced plans to acquire Powerchip Technology's wafer fab, signaling an expansion in DRAM capacity.

TSMC's recent investor conference exceeded market expectations, projecting capital expenditure of $52 to $56 billion for 2026, a 30% increase year-over-year, with 70–80% allocated to advanced processes. The company confirmed 2nm process mass production and reassured that advanced processes will remain in Taiwan. Taiwan-U.S. tariff negotiations concluded positively, reducing semiconductor tariffs to 15%, leveling the playing field with competitors like Japan and Korea, and providing a competitive boost for Taiwanese exporters.

Taiwan stock markets responded positively, with TSMC reaching new record highs and driving broad market rallies including gains in memory, PCB, and related sectors. However, despite these gains, foreign investors and institutional traders have been net sellers recently. Market volatility has increased amid geopolitical tensions, including U.S. actions in Venezuela and demonstrations in Iran, prompting cautious risk sentiment and increased safe-haven demand such as gold.

Overall, analysts see continued strong growth and investment opportunities in Taiwan's semiconductor and memory sectors driven by AI demand and favorable trade policies, while urging investors to remain cautious of market volatility and cyclical factors in memory pricing.

Taipei Times | English | News | Jan. 23, 2026 | UndeterminedOperating Results

Citigroup Inc achieved record client revenue in Taiwan in 2025, driven by increased fundraising from technology companies despite rising competition from other investment banks. The bank’s investment banking division led this growth, supported by stronger activity in stock trading. Christie Chang, Citigroup’s Taiwan country officer, highlighted that the current trend of local firms seeking foreign investment is the strongest in a decade.

The surge in capital markets activity is occurring amid growing geopolitical tensions with China. Taiwanese chipmakers and hardware providers are increasingly accessing overseas markets as global demand for AI components rises. Equity-linked offerings such as convertible bonds and global depositary receipts raised over US$5 billion last year, following US$6.6 billion in 2024. Deals from Taiwan have largely been oversubscribed by foreign investors, including global funds and hedge funds aiming for exposure to Taiwan’s technology sector.

This boom has intensified competition among global banks, with many aggressively pricing deals to gain market share. Citigroup played a key role in significant transactions, including two convertible bond sales totaling about US$1 billion for AI server suppliers Quanta Computer and Wistron. Beyond technology, the need for local insurers to raise debt due to stricter regulations has also opened new opportunities for Citigroup.

Since 2020, Citigroup has raised over US$30 billion for Taiwanese clients through global capital markets, supporting their expansion. Geopolitical concerns are prompting Taiwanese firms to pursue overseas mergers and acquisitions to enhance AI capabilities. Despite these risks, Citigroup maintains strong internal targets for Taiwan, citing sustained demand driven by massive AI-related data center investments and increased need for foreign exchange and local liquidity.

國科會投入低碳能源研究拚淨零 台積電表態可協助

Central News Agency | Local Language | News | Jan. 23, 2026 | Climate Change

The National Science and Technology Council (NSTC) held a committee meeting on January 21, 2026, to discuss advancements in low-carbon energy research as part of Taiwan's carbon reduction strategy. NSTC Chair Wu Cheng-wen announced that the NSTC is supporting academic R&D in various low-carbon energy technologies and unveiled the "Net-Zero Technology Innovation Program Plan." This program aims to promote composite technology topics, field-site technology validations, and encourage citizen participation to meet Taiwan’s overall carbon reduction goals.

TSMC Senior Vice President Ho Li-mei expressed the company’s willingness to partner with the government to accelerate net-zero technology research if government science and technology funding proves insufficient. Wu highlighted that the current year is the final one for the Net-Zero Technology Program, which will evolve into the Net-Zero Technology Innovation Program starting next year. The program addresses challenges posed by Taiwan's limited land, high population density, and energy self-sufficiency, especially given the high power demands of the tech sector and AI development.

Wu further detailed that the NSTC supports exploration of diverse low-carbon energy options, including new nuclear energy, stressing adherence to safety, nuclear waste management, and social consensus as outlined by President Lai Ching-te. Committee member Tong Tzu-hsien emphasized the importance of keeping new energy costs reasonable to avoid unfair burdens on the public, an approach the NSTC agrees with.

The updated program will strengthen composite technologies and use net-zero field validation parks to integrate technology validation, facility management, international cooperation, enterprise incubation, and talent cultivation. It also includes community energy promotion strategies to enhance energy resilience, particularly in isolated island areas, through distributed energy integration and management.