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Dow Jones Stock Market Today – TSMC Shares Drop After Intel Chip Investment Plan

   By Kosaku Narioka 
 

Taiwan Semiconductor Manufacturing Co. shares fell as much as 3.9% Wednesday morning following news that Intel Corp. is renewing efforts to make chips for others and targeting customers such as Apple Inc. and chip rival Qualcomm Inc.

New Intel Chief Executive Pat Gelsinger said Tuesday that the company plans to build two new chip factories at existing facilities in Arizona, with production from the $20 billion, multiyear investment there due to start in 2024. Mr. Gelsinger also said that Intel would rely more heavily on third-party chip-making partners.

Concerns about the robustness of the U.S. chip industry have grown in Washington over the past couple of years as semiconductor production shifted to Asian giants such as TSMC and Samsung Electronics Co.

TSMC’s revenue and net profit hit record highs in 2020, as the Covid-19 pandemic accelerated the shift to a more digitally connected society, boosting demand for chips used in smartphones, computers and other electronics.

TSMC shares were recently 2.7% lower at NT$578.00.

 

Write to Kosaku Narioka at kosaku.narioka@Fintech Zoom.com

 

(END) Dow Jones Newswires

March 23, 2021 23:25 ET (03:25 GMT)

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Dow Jones Stock Market Today – TSMC Shares Drop After Intel Chip Investment Plan

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