Samer Choucair: Taiwan Redefines Energy Security as a Prerequisite for Investment in Semiconductors and AI
Investment strategist Samer Choucair said recent developments in Taiwan’s gas market demonstrate how energy security is becoming a critical factor in assessing investment risks across the technology sector and global supply chains. He noted that the dependence of advanced industries—particularly semiconductor manufacturing—on stable electricity supplies makes energy resilience an increasingly important component of capital allocation decisions.
Choucair explained that Taiwan remains highly dependent on imported energy, importing more than 94% of its energy needs in 2024, while natural gas accounted for approximately 43% of electricity generation that year. Taiwan also shut down its last operating nuclear reactor in 2025, further increasing the importance of natural gas and renewable energy within its electricity mix.
He noted that gas supply disruptions linked to tensions in the Middle East prompted Taiwan’s state-owned CPC Corporation to increase purchases from the spot market and diversify its sources. According to S&P Global data, Qatar supplied approximately 40% of Taiwan’s contracted long-term gas supplies, while U.S. shipments to the Taiwanese market increased significantly as buyers sought to offset affected supplies.
Choucair added that Taiwanese authorities have so far avoided an actual shortage of gas or electricity, with the Ministry of Economic Affairs confirming that inventories remained above safe levels and that energy supplies were stable. Authorities also announced in May that Taiwan had approximately 12 days of liquefied natural gas inventories while continuing efforts to secure future supplies.
According to Choucair, the most important investment implication is not whether a power shortage actually occurs, but rather the cost of preventing one. Disruptions to trade routes or increases in spot gas prices can impose additional costs on energy-intensive economies even when factories continue operating. As a result, supplier diversification, increased storage capacity, and long-term supply contracts can directly influence the valuation of industrial and technology companies.
Choucair emphasized that the semiconductor industry is a prime example of this dynamic because uninterrupted production requires reliable electricity, industrial gases, water, and infrastructure. Consequently, the valuation of advanced technology companies should not depend solely on profit margins and market share, but also on their ability to manage energy and supply-chain risks.
He noted that recent developments could support additional investment in gas receiving and storage terminals, energy infrastructure, diversified supply sources, energy-efficiency technologies, and storage solutions. Disruptions to helium supplies in the region have also highlighted the importance of diversifying sources of industrial gases, although semiconductor manufacturers have managed to maintain operational stability through inventories, contractual arrangements, and multiple supply sources.
Choucair concluded that the investment lesson from Taiwan extends well beyond the gas sector. Global capital is increasingly evaluating the resilience of assets alongside their financial returns.
He said that companies capable of securing reliable energy, diversifying suppliers, and absorbing geopolitical shocks will be better positioned to protect their cash flows, while assets that remain heavily dependent on a single source of supply are likely to face a higher risk premium in the years ahead.