TSMC Gains After Keeping Spending Goals as Tech Slump Stabilizes
- Profit grew 2.1%, its slowest pace in almost four years
- TSMC is grappling with persistently weak electronics demand
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Taiwan Semiconductor Manufacturing Co. climbed as much as 1.4% after reaffirming its target for capital spending this year, in a sign Apple Inc.’s main chipmaker intends to shore up its lead in advanced semiconductors ahead of a tech recovery.
Taiwan’s largest company warned Thursday that demand from the mobile and PC industries remains “soft” for now, though the market was stabilizing and likely to improve in the second half. It’s sticking with earlier plans to spend as much as $36 billion upgrading and expanding capacity in 2023.