Record May at NT$416.9B and market cap doubled to $1.43T to rank 9th globally — and the CBC publicly flagged that banks now pay TSMC higher rates than the policy rate to tap its cash pile
Taiwan's signals over the last three days collapse into a single sentence. On Tuesday, CBC Governor Yang Chin-long told lawmakers the central bank is watching an "abnormal deposit-loan spread" in which commercial banks are paying TSMC higher rates than the policy rate to draw funding from TSMC's NT$3 trillion+ (~$103B) cash pile (cnyes). The same week, TSMC printed May revenue of NT$416.9B (~US$13.2B, +30.1% YoY) — a monthly record (cnyes) — and entered PwC's Global Top 100 at #9 after its market cap doubled YoY to $1.43T (technews). TSMC is no longer just the sector heavyweight. Its corporate treasury operations have started bending Taiwan's monetary transmission mechanism itself.
The tape did not digest this in one bite. On June 5, foreign investors net-sold NT$93.85B in a single session — the 7th-largest foreign sell on record — dragging the TAIEX down 3.5% to 43,502. Then on June 9, the same foreign cohort dumped another NT$91.7B (8th-largest on record), yet the index ripped +1,201 points (8th-largest one-day gain) to close at 44,704 (cnyes). The 7th and 8th largest foreign sells back-to-back, with the index V-shaping through them, is a rare pattern. Onshore money absorbed the exit print twice. The same week, Mizuho and BofA called for NAND undersupply through 2028, and Cantor's CJ Muse argued AI demand has structurally broken the memory cycle, lifting Micron's PT to $1,500. DDR5 16Gb spot held at $44.5 (2026-06-10). Onshore buyers saw memory, servers and optical interconnects printing records simultaneously.
The May tape was monotonous in its direction. ASE Holdings NT$63.0B (+28.6% YoY, a 43-month high). Delta NT$58.96B (+43.6% YoY, second-best month ever). Quanta NT$311.5B (+94.4% YoY, same-month record). Wistron NT$290.2B (+39.2% YoY, second-best month). Yageo NT$15.06B (+47.5% YoY). Auras NT$15.87B (+60.6% YoY). Lite-On NT$17.4B (+29.6% YoY, cloud segment +80%). On the memory line: ADATA NT$12.94B (+210% YoY, third consecutive monthly record), Macronix NT$6.26B (+175.8% YoY) with NOR and SLC NAND contract prices set to nearly double in Q2. This is not a single-name earnings event — it is the AI-buildout hypothesis being validated in parallel across the value chain. Taiwan's May exports hit a record $78.5B (+51.7% YoY), with electronic components at an all-time high (technews). Nomura's Taiwan PM said order visibility for TSMC equipment and key suppliers now extends into 2027–2028.
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