Taiwan's Economy Thrives Amid AI Growth

Taiwan is experiencing significant economic transformation, largely attributed to its pivotal role in the global semiconductor industry, significantly influenced by the AI boom. The presence of companies like Nvidia and the local giant TSMC (Taiwan Semiconductor Manufacturing Company) has solidified the nation's status as a crucial player in advanced chip manufacturing, generating incredible wealth. Since the launch of ChatGPT in November 2022, fortunes in Taiwan’s local industry have soared, with billionaires seeing a wealth increase of 90%. The stock market in Taipei has reacted positively, demonstrating growth, while property prices reached record highs in March, particularly in cities like Sinu, which hosts TSMC. Despite this economic prosperity, rising wealth disparities pose a challenge; the government aims for a $1 trillion economy by 2028, with projections of GDP per capita exceeding South Korea next year. This ambitious growth plan underscores Taiwan's desire to solidify its economic status amidst global challenges, while concerns about social equity linger in light of this rapid development.