The world’s largest chipmaker Taiwan Semiconductor Manufacturing Company (TSMC) has overtaken Chinese tech behemoth Tencent to become Asia’s most valuable firm. CNBC reports: It comes as Beijing’s regulatory crackdown on the country’s tech sector in the past few months has slammed the valuations of Chinese tech giants Tencent and Alibaba. TSMC, a major supplier to Apple, overtook Tencent earlier in August. The Taiwanese chipmaker is now sitting at the top spot by market capitalization — among Asia firms — at more than $538 billion, according to data from Refinitiv Eikon as of Wednesday morning during Asia hours.
Tencent sat in second place, with a market capitalization of more than $536 billion while Alibaba was a distant third at about $472 billion. The market capitalizations of both Tencent and Alibaba were hit again on Tuesday — losing more than $20 billion each — after China’s market regulator issued draft rules aimed at stopping unfair competition on the internet. […] Chipmaker TSMC, on the other hand, has gotten a boost as the world faces a global semiconductor shortage driven by supply chain disruptions due to the pandemic, along with a surge in demand from industries such as automobiles and data centers. Responding to the shortage, TSMC said earlier this year it plans to invest $100 billion over the next three years to increase capacity.
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