Chip stocks surge globally, with Micron hitting $1 trillion market value and TSMC rally lifting Taiwan to world's fifth-largest equity market

Micron Technology reached a $1 trillion market value on Tuesday, driven by strong demand for its memory chips; the surge pushed US stock indices to new highs.

TSMC's rally helped Taiwan become the world's fifth-largest equity market this week, surpassing India. However, emerging market stocks are declining when Asia's three largest chipmakers are excluded.

US firms are cautious about sourcing chips from China's memory chip sector due to Washington's export controls, despite China's booming capacity in that area.