TSMC Spurs Tech Revival as Metals Slide From Peaks: Markets Wrap

(Bloomberg) — Technology stocks bounced back on Thursday after Taiwan Semiconductor Manufacturing Co. renewed confidence in the durability of artificial-intelligence demand. Metals fell from all-time highs.

Futures for the Nasdaq 100 swung from losses to a gain of 0.4% after the AI-bellwether said it would lift capital spending by at least a quarter to as much as $56 billion in 2026 and forecast faster-than-expected revenue growth. Europe’s Stoxx 600 advanced, led by a 7% jump in ASML Holding NV, which counts TSMC as its biggest customer. S&P 500 contracts edged 0.1% higher.

A sharp rally that pushed precious metals to fresh peaks cooled on Thursday, with silver sliding 4%. Gold and platinum also fell. The weakness spread to base metals, sending copper below $13,000 a ton.

Thursday’s renewed optimism around the AI trade follows weeks of steady rotation away from mega-cap technology stocks, long favored for their resilient earnings during economic uncertainty, and toward a broader set of companies leveraged to improving growth prospects.

TSMC’s “approach to guidance suggests further upside to consensus estimates and supports a constructive outlook,” said Gary Tan, a portfolio manager at Allspring Global Investments.

Corporate Highlights:

Richemont sales jumped to a record in the final months of last year as holiday shoppers splurged on its watches and Cartier jewelry, led by demand in the US and the Middle East. The Toyota group sweetened a bid to privatize a key unit on the eve of its tender period, but that’s unlikely to placate investors who say the new price still undervalues the company. Alphabet Inc.’s Google said its Gemini artificial intelligence assistant can now proactively tap into users’ data across Gmail, Search, Photos and YouTube, an attempt to make its consumer-facing AI product more personalized. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.3% as of 8:34 a.m. London time S&P 500 futures rose 0.1% Nasdaq 100 futures rose 0.4% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 0.1% The MSCI Emerging Markets Index fell 0.2% Currencies

The Bloomberg Dollar Spot Index was little changed The euro fell 0.1% to $1.1632 The Japanese yen was little changed at 158.60 per dollar The offshore yuan was little changed at 6.9678 per dollar The British pound was little changed at $1.3440 Cryptocurrencies

Bitcoin fell 1.3% to $96,297.07 Ether fell 1.6% to $3,320.04 Bonds

The yield on 10-year Treasuries advanced one basis point to 4.14% Germany’s 10-year yield advanced two basis points to 2.83% Britain’s 10-year yield advanced one basis point to 4.35% Commodities

Brent crude fell 3.1% to $64.43 a barrel Spot gold fell 0.5% to $4,603.88 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Abhishek Vishnoi and Neil Campling.

©2026 Bloomberg L.P.