Former Taipei Mayor Ko Wen-je predicts that the AI boom will push Taiwan's stock market to 50,000 points, but he also warns of the risks of Taiwan's over-reliance on semiconductors — good news for investors, a concern for the long-term structure of the economy.

• Global capital continues to pour into AI, giving Taiwan's stock market a chance to break through the 50,000-point mark.
• The logic of market pricing has shifted from earnings to vision; capital is betting on the blueprints companies sketch out, not on current profits.
• Once chip processes go below 2 nanometres they will run into physical limits, and growth momentum will eventually top out.
• When quantum computers will be commercially viable remains unknown, and Taiwan has no second growth engine to take over.
• Taiwan's economy has happened to catch this wave of technology dividends, and Lai Ching-te is "very lucky."

Outlook: In the short term, tech stocks will remain the main driver of Taiwan's stock market; the real test will be whether Taiwan can find its next key industry once semiconductors hit the ceiling.