Foreigners Record Withdrawal from Taiwan Stocks Amid AI Rout

Foreigners sold a record $31.78 billion of Taiwan shares on a net basis in October, surpassing the previous all-time high set in March, as a global retreat from AI stocks pushed the Taiex more than 10 percent below its October 6 record. The selling was broad, with domestic institutions also net sellers, and the Taiwan dollar's roughly 2 percent depreciation from July through Oct. 21 fed a loop in which stock sales and currency weakness reinforced each other. TSMC, which makes up more than 40 percent of the exchange's market value, reported record third-quarter net profit up 68.7 percent year on year and raised fourth-quarter revenue guidance to $52.3 billion to $54.3 billion, yet its shares slipped after the results.