# 台積電美國存託憑證五月份平均以比台北上市股票高出13.7%的溢價交易。

*semiconductor · news · 2026-06-01 · Moneycontrol*

## Key points

- 台積電美國上市的ADR相較台北股票的溢價降至兩年低點13.7%。
- 台灣上市的台積電股票今年已上漲超過50%，超越ADR不到40%的漲幅。
- 監管變革現允許台灣股票基金增加國內股票持股，提升本地需求。
- 本地投資人而非外資，正日益推動台積電估值，反映在ADR溢價縮小上。
- 由於台積電股價飆升，台灣股市現已躋身全球五大股市之列。

Local investors are driving the premium on Taiwan Semiconductor Manufacturing Co.’s US-listed shares to a two-year low as they pile into the chipmaker’s stock in Taipei on bets the AI boom has further to run. TSMC’s American depositary receipts traded at an average 13.7% premium to its Taipei-listed shares in May, data compiled by Bloomberg show, down from 26% in December and marking the fifth straight month of decline. This reverses a trend that saw the chipmaker trade at a significantly higher valuation among international investors during the early stages of a global AI rally. The shift has been driven largely by a dramatic run-up in Taiwan-listed shares, which have soared more than 50% this year and outpaced the ADRs’ less than 40% advance. Regulatory changes allowing local equity funds to increase exposure to domestic stocks have added fuel to the rally, while individual investors have poured into AI-related names, spurring a retail frenzy. “Taiwan local market sentiment has turned extremely positive about the AI cycle, much more so than the US over the last few months,” said Vincent Fernando, executive director at Zero One Investment Research. “There are far less concerns about an AI bubble in Taiwan than in the US.” The chipmaker’s ADRs have typically traded at a premium to its Taipei-listed equities, due to a mix of easier access for foreign investors and inclusion in popular indexes. They are also fungible, unlike the Taiwan shares, which need special regulatory approval to be converted into the US equivalent. The erosion of the ADR premium suggests local investors play a bigger role in driving TSMC’s valuation after years of foreign demand being the dominant force. The stock’s surge has been so powerful that it pushed Taiwan into the ranks of the world’s five largest stock markets.

**Companies:** Taiwan Semiconductor Manufacturing Co.
**Countries:** Taiwan, United States

[Read the full story on Moneycontrol](https://www.moneycontrol.com/news/business/tsmc-s-local-investors-narrow-valuation-gap-with-wall-street-13937013.html)

---

Canonical: https://newsio.io/zh-TW/n/42345cab-982b-4929-a39c-f88d9008e86b/13-7
Summarized by Newsio from Moneycontrol. https://newsio.io/how-it-works