TSMC to Spend at Least $40 Billion to Address Chip Shortage
- It’s setting aside as much as $44 billion for 2022 alone
- The pandemic has driven global shortages of semiconductors
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Taiwan Semiconductor Manufacturing Co. raised its growth projections and unveiled record spending plans for 2022, signaling that the voracious demand for chips that has fueled a months-long supply chain squeeze will persist for years. The shares surged in U.S. trading.
Apple Inc.’s most important chipmaker is now projecting average sales growth of 15% to 20% annually -- as much as double its previous expectation. The company foresees sales of $16.6 billion to $17.2 billion in the first quarter alone, at least 5% ahead of estimates. It intends to spend $40 billion to $44 billion expanding and upgrading capacity in 2022.