Taiwan's benchmark index climbed more than 500 points in early trading on the 23rd, breaking above 48,300 points and reclaiming the psychologically important 48,000 level after opening at 47,894.77. Taiwan Semiconductor Manufacturing (2330.TW) was the main driver, rising NT$40, or 1.63%, to regain NT$2,500 and lifting its market capitalization to NT$64.83 trillion, roughly $2.0 trillion. The company contributed about 317 points to the index. The rally followed a 2.06% gain in the Philadelphia Semiconductor Index, a 272-point rise in Taiwan Index Futures overnight trading and continued records in the Nasdaq Composite. Memory-chip stocks and passive components also advanced, while panel makers were weaker. Analysts said the bullish trend could continue if trading volume expands, but warned that elevated valuations, profit-taking before the Mid-Autumn Festival holiday and the sustainability of foreign buying could intensify volatility. The rotation between heavyweight electronics shares and the artificial-intelligence supply chain will be important for keeping the index above 48,000 points.