台积电，史上新高

Group 1 - The price gap between TSMC's American Depositary Receipts (ADRs) and its stocks listed in Taipei has surged to the highest level in 16 years, raising concerns about a potential overheat in the AI boom [2][3] - In July, TSMC's ADRs traded at a 24% premium compared to its Taipei-listed stocks, up from 17% in April and 7.4% over the past decade, indicating a significant increase in demand from U.S. market participants [2] - The increase in premium is attributed to TSMC's critical role in the global AI supply chain and the limited supply of ADRs, making conversion operations difficult [2] Group 2 - Since the release of ChatGPT in 2022, TSMC's ADRs have risen over 190%, while its Taipei-listed stocks have increased by less than 140%, with foreign ownership in the latter reaching nearly 74% [3] - Market observers suggest that the widening price gap signals caution, indicating a potential bubble in the U.S. market for popular tech companies' ADRs [3]