We recently published a list of 15 AI News Updates Taking Wall Street By Storm. In this article, we are going to take a look at where Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) stands against other AI news updates taking Wall Street by storm.

xAI, the AI startup owned by Elon Musk, is raising more than $6 billion at a $50 billion valuation, per a report by news platform CNBC. The bulk of this money, nearly $5 billion, will be raised through sovereign funds in the Middle East. The funding will be used to purchase 100,000 NVIDIA chips, according to the news outlet. xAI plans to build a supercomputer with these chips. This supercomputer would then be integrated with other Musk companies, most notably Tesla, as plans to improve Full Self Driving continue at a rapid pace.

Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.

CNBC claims that the billionaire has started working closely with Donald Trump, the president-elect, on the approach of the new White House administration to AI and tech more broadly. Trump plans on rebranding the CHIPS Act and repealing the Executive Order on AI, two major AI initiatives of US President Joe Biden. The technology world has been dealing with the impact of a change in the US presidency, as Trump is widely expected to increase tariffs on firms doing business with China. He is also expected to urge tech firms in the country to relocate manufacturing operations from overseas to the US.

READ ALSO: 30 Most Important AI Stocks According to BlackRock and Beyond the Tech Giants: 35 Non-Tech AI Opportunities.

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A close-up of a complex network of integrated circuits used in logic semiconductors.

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

Market Capitalization: $851 Billion  

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) makes and sells integrated circuits and semiconductors. The shares of the company have been on a downward trend over the past few days despite recent reports that it had secured over $6.6 billion in funding through the CHIPS Act from the US government. Investor concerns around the incoming White House administration, which has taken several swipes at TSM during the campaign trail, are one of the major reasons behind this. Trump has asked companies to relocate advanced chip manufacturing to the United States several times over the past years.