Taiwan's Taiex stock index climbed 1.7% to a record close on Wednesday.

Nvidia is expanding heavily in Taiwan with a new campus and a tenfold increase in annual spending, CEO Jensen Huang announced Wednesday, as the chipmaker plans for artificial intelligence-powered growth. Taiwan's Taiex stock index climbed 1.7% to a record close on Wednesday. Also helping gains was news that South Korea's SK Hynix and U.S.-based Micron became the latest chip-related companies to reach $1 trillion in market value. "Now we're spending $100 [billion], going to $150 billion in Taiwan each year," Huang said in Taipei, noting that's up from $10 billion to $15 billion annually just four or five years ago. By the end of the year, Nvidia will begin building a new office complex called Constellation, which can accommodate 4,000 employees in northern Taipei when it opens in 2030, he said. That would be four times the company's existing headcount in Taiwan. Shares of Taiwan chip manufacturing giant TSMC closed 1.3% higher on Wednesday, while MediaTek gained 8.8% and Delta Electronics rose by 7.2%. The three stocks — all semiconductor industry giants — are the largest companies by market capitalization on the Taiex index. Nvidia designs chips while TSMC manufactures them. Nvidia is expected to surpass Apple this year as TSMC's largest customer. A $150 billion annual outlay in Taiwan would be among Nvidia's largest spending plans to date, and exceed what the company made in revenue in a single quarter. The company reported a record $81.6 billion in revenue in the quarter ended April 26, and predicts $91 billion in revenue for the current quarter.

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