Taiwan Semiconductor Manufacturing Company (TSMC), a global leader in AI chipmaking, has seen its New York-traded shares surge over 50% this year, creating a second billionaire within the company. F.C. Tseng, a longtime executive at TSMC who worked closely with chip legend Morris Chang, has joined the billionaires club. Tseng held various high-ranking positions at TSMC before stepping down in June 2018 but remains active in related companies and on TSMC’s board of directors.
The rise of AI technology has put Taiwan in a favorable position, with a rally in U.S. AI-related shares boosting the country’s benchmark stock index to record highs. More than a dozen new billionaires with fortunes linked to AI have recently debuted on the 2024 Forbes Billionaires List. TSMC, which is headquartered in Taiwan’s high-tech hub of Hsinchu, was founded in 1987 as a joint venture between the Taiwan government, Philips, and other private investors. Chang, who played a key role in TSMC’s early days, is now worth $3.5 billion.
Chang’s journey to becoming one of Taiwan’s wealthiest individuals was not easy, as TSMC initially faced challenges with technology and securing U.S. business. However, strategic decisions led by Chang and Tseng, such as choosing to develop technology independently rather than licensing it from IBM, helped pave the way for the company’s success. Tseng, who is involved in philanthropy and serves on multiple boards, holds a doctorate in electrical engineering from National Cheng-Kung University in Taiwan.
Despite the challenges faced by TSMC and its executives in the early days, the company has grown to become a dominant player in the global chip industry. The evolution of AI technology has further propelled Taiwan’s tech sector, leading to significant gains for companies like TSMC. Tseng’s contributions to the company’s success, both as an executive and through his philanthropic efforts, have played a crucial role in TSMC’s rise to prominence.
As Taiwan continues to thrive in the AI era, TSMC’s position as a key player in the chipmaking industry is solidified. The company’s success, along with the achievements of figures like Morris Chang and F.C. Tseng, highlights Taiwan’s growing importance in the global tech landscape. With AI technology driving new opportunities and advancements, Taiwan is well-positioned to further strengthen its position as a hub for innovation and technological development.
The growth and success of TSMC, as well as the rise of new billionaires tied to AI technology, underscore Taiwan’s increasing relevance in the global tech industry. As AI continues to reshape various sectors, companies like TSMC are at the forefront of driving innovation and technological advancements. The contributions of executives like F.C. Tseng, along with the strategic decisions made by TSMC’s leadership, have positioned the company for continued growth and success in the rapidly evolving tech landscape.
