TSMC’s Control Over Its Destiny Is Slipping Away
The tech company once had full power to decide what it built and where. Now it needs to balance the demands of new stakeholders.
Global uncertainty.
Photographer: I-Hwa Cheng/BloombergTaiwan Semiconductor Manufacturing Co. is among the world’s most important technology companies. It is irreplaceable, and the service it offers to hundreds of clients is crucial to how the modern world functions, from smartphones and satellites to factory automation.
And yet TSMC’s ability to choose its own destiny is slowly being whittled away by a growing tide of national interest, security worries and local concerns. Revenue fell for a third straight quarter while profit dropped the most in four years, the Hsinchu, Taiwan-based company said Thursday. Shipments plummeted 27%, the biggest decline in at least six years, as China’s recovery proceeds slower than expected and global clients continue to digest stockpiles built up during Covid-19.