MARK Liu’s term as chairman of Taiwan Semiconductor Manufacturing Co (TSMC) has been brief compared to that of his predecessor. Liu took over in 2018 from founder Morris Chang and will step down in June. Yet Liu’s reign has taken the chipmaker in directions unimaginable a decade ago, and will ripple for generations to come.

For investors, his tenure has been fabulous: a 252 per cent rise in the stock even pips key client Apple, and has propelled the Taiwanese company’s market value past US$720 billion.

Thursday’s (Apr 18) earnings further proved the point. After a record profit in 2022, before last year’s decline amid a global economic slowdown, net income grew and full-year revenue is on track for a new high.