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TSMC Jumps as Investors Focus on Glossier Smartphone Outlook

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Taiwan Semiconductor Manufacturing Co. climbed the most in almost three years as investors focused on its prediction that the outlook for high-priced devices would be strong in the second half.

Shares in the world’s largest contract chipmaker rose 5.8 percent to NT$237.50 in Taipei. Executives said they expected demand for premium devices -- such as Apple Inc.’s iPhone -- to help offset crypto-sector lassitude in the second half. Nomura upgraded the company to a buy from neutral after its results, citing an improved 2019 picture as TSMC continues to move up the technology ladder.