Shares in Apple supplier Taiwan Semiconductor (TSMC) hit an all-time high on Tuesday, coming on the back of record spikes in Apple’s share price over the last few trading days.
TSMC share price rose to 195 New Taiwan Dollars, up NT$3.5 or 1.83 percent on the Taiwan Stock Exchange, breaking a previous record set in October 2016.
Shares in other Apple parts suppliers in Asia also rallied on Tuesday, reported Nikkei Asian Review. Shares in optical lens manufacturer Largan Precision hit an all-time high and contract electronics maker Pegatron reached the highest level since last year. At one point, Foxconn reached NT$91.80, its highest level since 2016.
The rallies came as Apple’s own share price hit another all-time high on Monday, reaching $141.46 at the end of trading, following indications that the company could make new product announcements on Tuesday. Rumors suggest Apple is planning updated 9.7-inch and 12.9-inch iPad Pro models, a 128GB iPhone SE, a red color option for iPhone 7 and iPhone 7 Plus, and new Apple Watch bands.
The gains have also been fed by speculation surrounding Apple’s “iPhone 8”, which is expected to launch in the fall, but could conceivably appear earlier. Several financial analysts have raised their price targets for Apple’s stock to between $150 and $185, according to research notes obtained by MacRumors.
TSMC is also thought to be considering moving some of its chip manufacturing into the United States, according to sources, with a decision said to be coming specifically in the “first half of 2018”, with upwards of $16 billion potentially being invested in getting the American plant up and running.
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