TSMC to raise $9 billion for expansion, open Japan subsidiary

TAIPEI : Taiwan Semiconductor Manufacturing Co Ltd (TSMC) said on Tuesday it would raise nearly $9 billion from the debt markets to help fund expansion and spend around $178 million to open a Japanese material research subsidiary.

The world’s top contract chipmaker last month posted its best-ever quarterly profit and hiked revenue and capital spending estimates to record levels as it forecast “multiple years of growth opportunities”.

Taiwan’s tech firms have benefited from soaring demand for chips that go into laptops, tablets, smartphones and other products to support the work and study at home boom around the world during the COVID-19 pandemic. They are working hard too to address a shortage of chips for automakers.