TAIPEI, July 24, 2026, 20:24 GMT+8
- TSMC finished down 2.29% at NT$2,350. The TAIEX ended the session with a 2.67% decline.
- The stock ended the week up 2.62%, surpassing the index’s 2.30% advance.
- The closing price of the ADS on Thursday suggested a value of NT$2,689 per share prior to the opening of Wall Street.
Taiwan Semiconductor Manufacturing Co TPE:2330 closed Friday at NT$2,350. The $415.58 closing price for its NYSE ADSs NYSE:TSM on Thursday represented an implied value of around NT$2,689 per local share.
This results in a provisional cross-market difference of 14.4%. The figure is based on the U.S. close from Thursday and the Taiwan close from Friday. The trading hours for these two markets do not coincide.
Taiwan’s cash markets were shut for the weekend, while Wall Street’s cash trading had yet to begin at the time of publication.
The gap presents an immediate test. New York could slide closer to Taipei, or Taipei could recover on Monday.
TSMC declined by a smaller margin than the broader market on Friday. The TAIEX decreased 2.67% to finish at 43,654.84. Over the week, TSMC gained 2.62% while the index added 2.30%.
| Measure | Cutoff | Level | Return or spread |
|---|---|---|---|
| TSMC Taiwan shares TPE:2330 | Friday close | NT$2,350 | −2.29% on Friday; +2.62% for the week |
| TAIEX | Friday close | 43,654.84 | −2.67% on Friday; +2.30% for the week |
| TSMC ADSs NYSE:TSM | Thursday close | $415.58 | −1.34% on Thursday; +4.32% since July 17 |
| ADS local equivalent | Thursday ADS, Friday FX | NT$2,689 | trades 14.4% above Taiwan closing price |
Preliminary. The calculation is based on an exchange rate of NT$32.358 to the dollar and five ordinary shares for each ADS. Weekly variations reflect closing prices as of July 17.
Trading activity among local investors on Friday was within a normal range. A total of 24.6 million shares changed hands, amounting to 64% of the 65-day average volume.
TSMC posted a second-quarter gross margin of 67.7%. The company projected its third-quarter revenue in the range of $44.6 billion to $45.8 billion.
Chairman and CEO C.C. Wei linked pricing with the survival and growth of customers. “We earn our value,” he stated during the July 16 call. He also noted that margins need to sustain long-term capacity.
Analysts’ forecasts have increased as profit margins grew. According to FactSet Research Systems NYSE:FDS, the early estimate for 2027 ADS earnings is $21.47—up 10.7% from three months earlier. On Thursday, the ADS finished trading at 19.4 times that projected figure.
The drop on Friday was not tied to individual companies. Asian stocks fell as oil prices climbed, bond yields rose, and uncertainty over AI investment reduced risk-taking.
Shaniel Ramjee at Pictet Asset Management referenced capital expenditure among U.S. megacaps. “These companies are engaging in more capex,” he said. He noted this results in the segment becoming “more interest rate sensitive.” Reuters
Key cloud clients will give an update on demand next week. Microsoft NASDAQ:MSFT and Meta Platforms NASDAQ:META release results on July 29. Amazon.com NASDAQ:AMZN reports on July 30.
The Federal Reserve is scheduled to convene July 28-29. On Friday, futures markets assigned about a one-in-three probability to a rate hike. An increase in rates may weigh on long-duration growth stocks.
The U.S. market’s close on Friday will set a new basis for comparison. When trading begins in Taiwan on Monday, it will reveal if the disparity between the markets remains.
Risks: The disparity could narrow due to currency fluctuations as well as stock movements. Oil price spikes, rising interest rates, or a slowdown in cloud demand may weigh on both stocks.
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