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TSMC Shares Surge 7% on Robust Chip Demand Outlook

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Debby Wu and Cindy Wang
·1 min read
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(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. rose the most in a month after the company signaled confidence in a recovery by upholding an ambitious capital expenditure target.

The world’s largest contract chipmaker closed 7% higher at NT$306.50, outpacing a 2.1% rise by the benchmark Taiex.

TSMC, a barometer for the tech industry thanks to its heft in the global supply chain, said on Thursday it expected revenue of between $10.1 billion and $10.4 billion from April to June. That forecast followed a near-doubling of net income to NT$116.99 billion ($3.9 billion) for the three months ended March.

The Taipei-listed company also said it is maintaining its $16 billion capex plans in 2020.

TSMC lowered its revenue outlook for the year by a few percentage points to reflect the new Covid-19 reality, suggesting that in the longer term the chipmaker to Apple Inc. and Huawei Technologies Co. will still have to contend with uncertainty brought about by the virus.

(Updates with closing share price)

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