Apple Inc supplier TSMC raised its 2019 capital spending plan by up to $5 billion on Thursday and forecast a nearly 10% rise in fourth-quarter revenue on strong demand for faster mobile chips and new high-end smartphones.
The bullish forecast by the world’s top contract chipmaker should ease investor fears of a global tech slowdown… TSMC, formally Taiwan Semiconductor Manufacturing Co Ltd, whose clients also include Qualcomm Inc and Huawei, raised its 2019 capex to a record $14 billion-$15 billion on Thursday from an earlier forecast of $10 billion-$11 billion.
TSMC shares closed down 1% on Thursday prior to the earnings announcement. They have risen 28% so far this year, giving it a market value of $251.3 billion, bigger than U.S. rival Intel Corp’s $232 billion.
MacDailyNews Take: More good news for Apple’s iPhone!