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Taiwan Semi Gains on Report It Is Raising Chip Prices 10%-20%

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By Dhirendra Tripathi

Investing.com – Taiwan Semiconductor stock (NYSE:TSM) rose 0.8% higher in Thursday’s premarket trading after a report in The Wall Street Journal that said the company plans to hike prices of its chips by 10% to 20%.

According to the report, prices of most advanced chips could rise by around 10% while less advanced chips could get pricier by as much as 20%.

Shares of Apple (NASDAQ:AAPL), one of TSMC's biggest customers, traded a tad lower premarket.

TSMC accounts for more than half of the global semiconductor foundry market by revenue, according to Taiwanese research firm TrendForce.

The company’s decision to raise prices comes in the backdrop of an unprecedented shortage of chips, triggered by work-from-home demand for mobiles, laptops and other digital devices as well as automobiles as more technology gets embedded in them.

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