TSMC upbeat on chip outlook after Apple-Qualcomm settlement

Taiwan’s TSMC struck an upbeat note about the outlook for the depressed global chip market, betting that a rollout of the faster 5G mobile network would buoy demand, even as it posted its steepest quarterly profit drop in more than seven years.

TSMC, the world’s biggest contract chipmaker, said a recent settlement between its top clients Apple and Qualcomm to end their two-year legal dispute over smartphone chips will help the Taiwanese firm.