{"id":19076,"date":"2023-06-06T18:01:52","date_gmt":"2023-06-06T22:01:52","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/tsmc-stock-gains-as-forecast-update-comes-in-better-than-feared\/"},"modified":"2023-06-06T18:01:53","modified_gmt":"2023-06-06T22:01:53","slug":"tsmc-stock-gains-as-forecast-update-comes-in-better-than-feared","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19076","title":{"rendered":"TSMC stock gains as forecast update comes in \u2018better than feared\u2019"},"content":{"rendered":"
\n

Taiwan Semiconductor Manufacturing Co.\u2019s chairman reportedly updated its capital spending forecast Tuesday, and shares gained as the chip fabricator stuck to its capital spending forecast even as smartphone demand dries up.<\/p>\n

Bloomberg News reported Tuesday that TSMC
\n TSM,
\n +1.81%<\/bg-quote>
\n Chairman Mark Liu told reporters after the third-party fab\u2019s annual shareholder meeting that he expects capital spending to come in at the lower end of the company\u2019s $32 billion to $36 billion range for the year. TSMC\u00a0trimmed its outlook but kept its capex forecast intact in April. <\/p>\n

\n

American depositary receipts of TSMC, which reached an intraday high of $100.60, closed Tuesday up 1.8% at $99.82, for a 34% year-to-date gain, compared with a 11.6% rise in the S&P 500 index
\n SPX,
\n +0.24%<\/bg-quote>,<\/span>
\n and a 26.9% rally in the tech-heavy Nasdaq Composite Index
\n COMP,
\n +0.36%<\/bg-quote>.<\/span>\n <\/p>\n

Jordan Klein, desk analyst at Mizuho, said TSMC \u201cofficially did what buy-side was expecting for months \u2014 talk down capex for \u201923 to low end of $32-36B range due to ongoing inventory correction largely in PC \/ smartphone customers.\u201d<\/p>\n

While bears on the fab had expected a cut to the upper $20 billion area, the forecast of $32 billion to $33 billion \u201cfeels better than feared.\u201d<\/p>\n

The third-party chip fabricator, or \u201cfab\u201d \u2014 industry parlance for the high-tech factories where billions of transistors are etched onto silicon wafers to make chips \u2014 manufactures the chips designed by Apple Inc.
\n AAPL,
\n -0.21%<\/bg-quote>,<\/span>
\n Nvidia Corp.
\n NVDA,
\n -1.32%<\/bg-quote>,<\/span>
\n and Advanced Micro Devices Inc.
\n AMD,
\n +5.34%<\/bg-quote>
\n among many chip makers that do not maintain their own fabs like Intel Corp.
\n INTC,
\n +3.68%<\/bg-quote>.<\/span>\n <\/p>\n

The update is a relief mainly for the companies that sell equipment to fabs like TSMC. Chip-making equipment suppliers in order of exposure to TSM include ASML Holding NV,
\n ASML,
\n -0.77%<\/bg-quote>,<\/span>
\n KLA Corp.
\n KLAC,
\n +0.64%<\/bg-quote>,<\/span>
\n Applied Materials Inc.
\n AMAT,
\n +0.16%<\/bg-quote>,<\/span>
\n and Lam Research Corp.
\n LRCX,
\n +1.09%<\/bg-quote>.<\/span>\n <\/p>\n

ASML ADRs finished Tuesday down 0.8% at $716.63, versus a 0.6% gain for KLA\u2019s share price to close at $461.00, a 0.2% rise to close at $133.94 a share for Applied Materials, and a 1.1% gain from Lam shares to close at $612.20.<\/p>\n

\u201cBuy-side sentiment remains cautious to mixed at best, and I view this update as more a clearing event vs negative,\u201d Klein wrote. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Taiwan Semiconductor Manufacturing Co.\u2019s chairman reportedly updated its capital spending forecast Tuesday, and shares gained as the chip fabricator stuck to its capital spending forecast even as smartphone demand dries up. Bloomberg News reported Tuesday that TSMC TSM, +1.81% Chairman Mark Liu told reporters after the third-party fab\u2019s annual shareholder meeting that he expects capital […]<\/p>\n","protected":false},"author":1,"featured_media":19077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-19076","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nTSMC stock gains as forecast update comes in \u2018better than feared\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Taiwan Semiconductor Manufacturing Co.\u2019s chairman reportedly updated its capital spending forecast Tuesday, and shares gained as the chip fabricator stuck\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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