Taiwan Semiconductor Manufacturing Company, TSMC board has approved $2.89 billion in spending to increase capacity, the company said, responding to a global chip shortage that has affected carmakers in particular.
In a brief statement, the world's largest contract chipmaker
said its board had approved the spending "for the purpose of installing
mature technology capacity".
It did not elaborate.
The company this month said that it plans to invest $100
billion over the next three years to increase capacity at its plants, days
after Intel announced a $20 billion plan to expand its capacity.
TSMC, clients of which include Apple and Qualcomm, has said
it is working hard to increase productivity and alleviate the worldwide
shortage but that supply tightness is likely to continue into next year.
The company has flagged "multiple years of growth
opportunities" as the COVID-19 pandemic fuels demand for advanced chips to
power devices such as smartphones and laptops.
But its business has also been boosted by the chip shortage
that initially forced automakers to cut production but is now also hurting
manufacturers of smartphones, laptops, and even household appliances -Reuters
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