Taiwan chip stocks climb after Nvidia announces $150 billion spending plans
Nvidia has announced a significant increase in its annual spending in Taiwan, raising it from $10-15 billion to $150 billion. This announcement has positively impacted Taiwan's stock market, particularly for semiconductor companies. Nvidia's expansion includes a new office complex in Taipei that will accommodate 4,000 employees by 2030.
- ▪Nvidia plans to increase its annual spending in Taiwan to $150 billion.
- ▪Taiwan's Taiex stock index rose 1.7% to a record close following the announcement.
- ▪Nvidia will begin building a new office complex in Taipei that can house 4,000 employees by 2030.
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Nvidia is expanding heavily in Taiwan with a new campus and a tenfold increase in annual spending, CEO Jensen Huang announced Wednesday, as the chipmaker plans for artificial intelligence-powered growth.Taiwan's Taiex stock index climbed 1.7% to a record close on Wednesday. Also helping gains was news that South Korea's SK Hynix and U.S.-based Micron became the latest chip-related companies to reach $1 trillion in market value."Now we're spending $100 [billion], going to $150 billion in Taiwan each year," Huang said in Taipei, noting that's up from $10 billion to $15 billion annually just four or five years ago.By the end of the year, Nvidia will begin building a new office complex called Constellation, which can accommodate 4,000 employees in northern Taipei when it opens in 2030, he…
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