Daily brief
TSMC reported a record quarterly profit, beating expectations with a 35% increase, and announced plans for major capital spending to meet surging demand for AI chips, including expanding its US factory footprint.
The United States and Taiwan reached a trade agreement to lower tariffs and boost investments, with a focus on the semiconductor sector, following Taiwan's pledge of significant investment into US chip production, energy, and AI.
Wall Street futures rose, led by a rally in chip stocks following TSMC's strong results, ahead of major bank earnings reports.