Taiwan's stock market pushed past the 50,000 mark in night-session futures trading, a record high and good news for investors riding the AI boom — though leverage rules and bond yields hang over the rally.

• The main index closed at a record just below 50,000, then night futures broke through and held above it.
• TSMC did the heavy lifting, dragging chip and electronics futures higher with it.
• Nvidia, Broadcom and Microsoft rebounding in the U.S. gave Taiwan's tech buyers confidence; Intel fell over 3% after Musk confirmed talks with TSMC on Terafab chip production.
• Money is crowding into price-hike plays — circuit boards, IC substrates, chip equipment and cooling — while shipping stocks look weak and are best left alone.
• A new rule letting brokers and banks cross-check customer credit from late October could squeeze leveraged money, with some warning of a sharp, Korea-style deleveraging selloff.

Outlook: Trading volume topped a trillion and the upward gap stays open, so 50,000 looks defensible near term, but high U.S. bond yields and the credit crackdown are the two things that could end the run.