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Taiwanese chipmaker TSMC posted a 25% fall in third quarter net profit on Thursday, beating expectations, and said the semiconductor industry could be poised for recovery. Demand for personal computers and smartphones, two of TSMC's business drivers, is expected to lead the recovery, with artificial intelligence (AI) growth also increasing demand for its advanced chips and advanced packaging. "We can expect 2024 to be a healthy growth year for TSMC," CEO C.C. Wei told an earnings briefing, with the company expecting to "do better than the overall industry" next year.
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Taiwan Semiconductor Manufacturing Co Ltd is expected to report a 30% slump in third-quarter profit on Thursday but analysts predict robust growth next year as the chip industry emerges from its current downturn. Revenue for the quarter came in at around $17 billion, according to TSMC figures, down 20% from a year earlier and roughly the middle of the company's forecast range. Global demand for semiconductors began to weaken in the second half of last year, but analysts say inventories at smartphone and computer makers are running down and restocking demand is expected to pick up.
Taiwan Semiconductor
Manufacturing Co Ltd said it would not build a
advanced chip factory in a rural part of northern Taiwan after
local residents protested that they did not want to move.