TAIPEI, Jan 19 Reuters Taipeilisted shares of Taiwanese chipmaker TSMC soared on Friday after the company gave a bullish outlook for the year on the back of the boom in artificial intelligence AI, cheering tech stocks at home and abroad.

Taiwan Semiconductor Manufacturing Co Ltd TSMC, the world39;s largest contract chipmaker and a major Apple Inc and Nvidia supplier, on Thursday projected more than 20 growth in 2024 revenue on booming demand for highend chips used in AI.

TSMC39;s shares closed 6.5 higher on Friday in Taipei, cementing its position as Asia39;s most valuable listed company, worth about 512 billion.

Its U.S. listed stocks closed up almost 10 overnight, with the SP 500 approaching record highs as AI optimism drove gains in Nvidia and other chipmakers.

The outlook also boosted the broader Taipei market, which ended up 2.6, the biggest percentage rise for a year, as well as other Taiwanese tech firms.

AI server and component makers Quanta and Wistron39;s stocks jumped too. Quanta rose 8.4, while Wistron leapt 9.5 at close.

The Taiwan dollar gained on Friday as well, as investor focus shifted away from postelection turbulence. Taiwan39;s ruling Democratic Progressive Party won the presidential election on Saturday, but lost its majority in parliament.

TSMC39;s announcement that it was evaluating building a third fab in southern Taiwan39;s Kaohsiung city to produce advanced 2 nanometre chips also gave a boost to the government.

Opposition politicians have…