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Taiwan Semiconductor Manufacturing Co (TSMC) expects a return to solid growth this quarter and gave itself room to raise capital spending in 2024, suggesting the world’s most valuable chipmaker anticipates a recovery in smartphone and computing demand.
The main chipmaker to Apple Inc and Nvidia Corp is budgeting capital expenditure of $28 billion to $32 billion — versus about $30 billion in 2023 — and expecting revenue growth to bounce back to at least 20% for the year.
It’s moving ahead with plans for chipmaking plants in Japan, Arizona and Germany — the first of which will begin mass production at the end of 2024 in a big boost to TSMC’s global footprint.
The Taiwanese company’s outlook, while not quite surpassing the most bullish estimates, comes after a years-long slump in tech demand.