TSMC shares fall 3.3% after it cuts revenue outlook, delays production - Yahoo Finance

TL;DR

TAIPEI (Reuters) -Shares of Taiwan's TSMC slumped more than 3% on Friday after the world's largest contract chipmaker flagged a 10% drop in 2023 sales and said production due to start next year at its first plant in Arizona would be delayed. "The revenue guidance downward revision could be the last cut for TSMC as the inventory correction cycle is likely coming to an end in 4Q23, in our view, and we see TSMC well positioned for a strong growth outlook in 2024," Goldman Sachs said in a research note. "Other analysts were also upbeat on TSMC, thanks in part to strong demand for artificial intelligence (AI), which currently contributes around 6% of revenue

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