TAIPEI (Taiwan News) — Taiwan's stock market saw a positive start on Tuesday (Oct. 15), boosted by Taiwan Semiconductor Manufacturing Company’s (TSMC) strong performance in the US.

TSMC's ADRs (American Depositary Receipts) set a new all-time high on Monday (Oct. 14), ahead of its upcoming investor conference on Thursday (Oct. 17). The company's market value reached almost US$1 trillion, solidifying its position as the world's eighth-largest company, per CNA.

NVIDIA's stock reached a new closing high, further boosting the upward trend in Taiwan's stock market. AI-related themes were a significant factor in driving the market's gains.

TSMC's stock price increased by NT$25 (78 US cents), closing at NT$1,070 (US$33.3) on Tuesday. This brought it close to its all-time high of NT$1,080 recorded on July 11.

The Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) closed 316.75 points higher at 23,292.04. The index opened higher and continued to rise throughout the day, reaching a peak of around 23,353 points.

The electronics and financial sectors experienced gains, with the electronics sector up 1.89% and the financial sector up 1.33%. Largan Precision, ahead of its investor conference on Thursday, also saw a positive performance, closing at NT$2510, up 1.41%.

Foxconn surged 4.02% to close at NT$207, while Quanta Computer rose 4.23%. Thermal solution provider Asia Vital Components gained nearly 5%.

An ADR is a negotiable certificate issued by a US depository bank that represents a specific number of shares of a foreign company. ADRs are traded on US stock exchanges, providing US investors access to foreign stocks, according to moomoo.