“The chairman of the world’s largest contract chipmaker has become a billionaire thanks to expected demand for Apple Inc.’s new iPhone,” Venus Feng reports for Bloomberg.
“Taiwan Semiconductor Manufacturing Co. (TSMC) shares have surged 27 percent in the past year, lifting founder and Chairman Morris Chang’s personal fortune to $1 billion, according to the Bloomberg Billionaires Index,” Feng reports. “Chang, 86, owns 0.5 percent of the business directly and through his family, according to a May 2017 filing to the Taiwan Stock Exchange.”
“TSMC’s market cap has swelled to $183 billion, making it the most valuable company on Taiwan’s stock exchange,” Feng reports. “Hon Hai Precision Industry Co., the listed flagship of iPhone assembler Foxconn Technology Group, is the second-most valuable company on the exchange, rising 52 percent in the past year to $66 billion.”
Chang, a “graduate of Massachusetts Institute of Technology and Stanford University spent the majority of his career working for Texas Instruments Inc.,” Feng reports. “He established TSMC when he was in his mid-50s, where he became the first to build a semiconductor factory that made chips based on the designs of its customers.”
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MacDailyNews Take: A rising tide lifts all boats.