TSMC’s shares slide nearly 7% in Taipei on global chip outlook concerns

TAIPEI: TSMC’s Taipei-listed shares tumbled 6.7% on Friday following the company’s first-quarter earnings report in which it dialled back its expectations for chip sector growth and did not revise up its capital spending plans, contrary to expectations.

Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chipmaker, forecast second-quarter sales may rise as much as 30% as it rides a wave of demand chips used in artificial intelligence (AI) applications. Its first-quarter profit also beat estimates.