TSMC Spurs Tech Revival as Metals Slide From Peaks: Markets Wrap
(Bloomberg) — Technology stocks bounced back on Thursday after Taiwan Semiconductor Manufacturing Co. revived confidence in the durability of artificial-intelligence demand. Metals fell from all-time highs.
Nasdaq 100 futures swung from losses to a 0.7% gain 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. Tech also lifted Europe’s Stoxx 600 to a fresh record, while S&P 500 contracts advanced 0.3%.
Chip-equipment makers led gains within the sector. ASML Holding NV, which counts TSMC as its biggest customer, jumped more than 5% in Amsterdam. TSMC suppliers Applied Materials Inc. and Lam Research Corp. rose more than 6% in premarket trading. AI heavyweights such as Nvidia Corp. and Alphabet Inc. also advanced, though the gains were more muted.
A rally that pushed precious metals to fresh peaks cooled, with silver sliding more than 2%. Gold and platinum also fell. The weakness spread to base metals, sending copper toward $13,000 a ton. Oil dropped for the first time in six days after President Donald Trump said he may hold off on intervening in Iran.
The renewed optimism around AI follows weeks of steady rotation away from mega-cap technology stocks and toward a broader set of companies leveraged to improving growth prospects. The trend saw the S&P 500 post its first back-to-back losses on Wednesday even though a majority of its members advanced.
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.
US Treasuries were slightly weaker, in tandem with European bonds, after upbeat economic growth data in the UK prompted traders to scale back bets on Bank of England interest-rate cuts. The broad appetite for riskier assets added to the weakness, pushing the two-year yield up one basis point to 3.52%. Bitcoin hovered near $97,000. The dollar was little changed.
Goldman Sachs Group Inc. and Morgan Stanley are set to round out the week’s big-bank earnings later on Thursday. Results so far from lenders including JPMorgan Chase & Co. and Bank of America Corp. have broadly fallen short of investor expectations, pushing the KBW Bank index down nearly 2% over the past two days.
Investors will also follow comments from a raft of Fed speakers, including Governor Michael Barr. Applications for US unemployment benefits are expected to tick slightly higher in the week through Jan. 10 after remaining relatively low over the Christmas and New Year’s period.
Corporate Highlights:
Taiwan Semiconductor Manufacturing Co. is earmarking as much as $56 billion in capital spending for 2026, a stronger-than-anticipated projection that signals its confidence in the longevity of the global AI boom. 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. ASML Holding NV shares soared to a record high, sending its market value beyond $500 billion, after its key customer Taiwan Semiconductor Manufacturing Co. gave a stronger-than-anticipated outlook for 2026. Ocular Therapeutix Inc. rose as much as 25% in premarket trading following a report that Sanofi SA is preparing a higher takeover offer for the firm. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.4% as of 10:59 a.m. London time S&P 500 futures rose 0.3% Nasdaq 100 futures rose 0.7% Futures on the Dow Jones Industrial Average rose 0.1% The MSCI Asia Pacific Index rose 0.2% The MSCI Emerging Markets Index was little changed Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1636 The Japanese yen was unchanged at 158.46 per dollar The offshore yuan rose 0.1% to 6.9631 per dollar The British pound fell 0.2% to $1.3421 Cryptocurrencies
Bitcoin fell 0.8% to $96,787.51 Ether fell 0.3% to $3,362.83 Bonds
The yield on 10-year Treasuries was little changed at 4.14% Germany’s 10-year yield was little changed at 2.82% Britain’s 10-year yield advanced two basis points to 4.36% Commodities
Brent crude fell 4% to $63.88 a barrel Spot gold fell 0.1% to $4,619.89 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Abhishek Vishnoi and Neil Campling.
©2026 Bloomberg L.P.
