Taiwan shares tumble 2% early on Wednesday, led by TSMC

Taipei, Nov. 5 (CNA) Shares in Taiwan moved sharply lower early Wednesday morning, led down by contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), after heavy tech stock losses in the United States overnight amid worries over an artificial intelligence bubble.

As of 9:45 a.m., the Taiex, the Taiwan Stock Exchange's weighted index, had shed 685.33 points, or 2.44 percent, to 27,431.23, after a 2.04 percent fall on the tech-heavy Nasdaq index and a 4.01 percent plunge on the Philadelphia Semiconductor Index in the U.S. Tuesday.

With its American depositary receipts (ADRs) falling 3.35 percent overnight, TSMC had slid 2.99 percent to NT$1,460.00 (US$47.41) as of 9:45 a.m., contributing a roughly 360-point fall in the Taiex and sending the electronics index down 3.10 percent.

Dealers said that after a recent strong showing among electronics stocks due to the AI boom, investors tended to turn cautious over high tech valuations and seized on the U.S. losses as an excuse to dump their holdings, with TSMC as the major target.