Shares of Taiwan Semiconductor Manufacturing Co. saw the largest increase in value in the past three months after the firm lowered its capital investment estimate for 2022 by about 10% and posted results that were higher than expected.
TSMC (TSM stock) has stated that it anticipates spending around $36 billion on capital equipment in 2022, which is a decrease from the prior amount of at least $40 billion. The company, which reported a net income of NT$280.9 billion ($8.8 billion) for the third quarter that was better than estimated, is projecting revenue of $19.9 billion to $20.7 billion for the December quarter, although this assumes certain US dollar expectations at a time when Asian currencies have weakened.
TSM Stock Performance
The overall performance of Asia’s semiconductor industry improved after a comeback in American peers following the release of high inflation figures in the United States. The Philadelphia Semiconductor Index finished the day with a gain of 2.9%, while the Bloomberg Asia Pacific Semiconductors Index reached a high point of 3.6% growth. On Friday, the share price of TSMC increased by 4.3% in Taipei.
After TSMC ( NYSE:TSM ) reported its earnings, analysts from JPMorgan stated that “the moment to start purchasing TSMC stock for absolute upside has now come.” Earlier in the week, shares were trading at all-time lows, which drove the company’s market valuation down to around $320 billion from more than $550 billion in January.
As a result of Washington’s sweeping limitations on doing business with China, the global semiconductor sector is currently experiencing a series of shock waves, which is causing TSMC and its competitors to struggle. While Applied Materials Inc., a prominent maker of chip-making equipment, has reduced its prediction for the fourth quarter, Intel Corporation is rumored to be getting ready to lay off thousands of employees. On Thursday, shares of a European manufacturer of gear known as ASML H...
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