TSMC (2330.TW) took about 27 minutes to recover its NT$7 ex-dividend adjustment on the 16th, ending a record run of 23 consecutive instant fills and four straight quarters of same-day fills. The stock opened at NT$2,375, initially traded NT$5 below its ex-dividend reference price and completed the gap fill at 9:27 a.m. Taiwan's market opened at 45,546.56 and briefly gained more than 180 points, while MediaTek, Delta Electronics, Hon Hai and memory-chip stocks advanced. Global risk appetite was constrained by international oil prices, a US 10-year Treasury yield above 5% at a 19-year high, and uncertainty before the Federal Reserve's rate decision. Foreign investors held 83,223 net short Taiwan Index Futures contracts, while securities-lending sales reached NT$32.162 billion. The three major institutional investors sold NT$78.896 billion on Tuesday, led by foreign investors' NT$62.699 billion of selling. Analysts described the market as a low-volume consolidation, with Taiwan's quarterly moving average at 45,173 points and 45,000 as key levels. Cybersecurity shares rallied after Jensen Huang's remarks, while financial stocks retreated. Institutional forecasts point to a widening silicon-wafer supply gap through 2028 and higher NOR Flash prices in 2026. Investors are watching the Federal Reserve statement and dot plot, central-bank decisions in the United States and Japan, Middle East conflict, oil prices and foreign positioning after futures rollover.