Taiwanese giant TSMC tumbled with several other leading chip makers Friday as traders returned from a typhoon-imposed two-day break to play catch-up with a global tech rout.<\/p>\n
Equities across the world tumbled after disappointing earnings from “Magnificent Seven” titans Alphabet and Tesla fuelled worries about the tech sector, which has driven a surge in markets and pushed all three main indexes on Wall Street to multiple record highs. <\/p>\n
The rally, sparked by a frenzy to snap up firms linked to artificial intelligence, has led to speculation that valuations are far too high and a correction could be round the corner if reports from other heavyweights such as Apple and Amazon also fall short.<\/p>\n
Taiwan Semiconductor Manufacturing Company controls more than half the world’s output of silicon wafers — considered the lifeblood of the global economy — that are used to power anything from smartphones and cars to missile launch pads and stock markets.<\/p>\n
Its major clients include Apple, Nvidia and AMD — California-based firms regarded as the drivers behind a current explosion of generative AI products after the runaway success of ChatGPT. <\/p>\n
With Typhoon Gaemi triggering massive storms Wednesday and Thursday on Wednesday and Thursday, Taiwan’s stock market was closed.<\/p>\n
On resuming trade Friday, TSMC tanked 6.5 percent at the open, its steepest drop in three months, according to Bloomberg.<\/p>\n
The firm was among several chip makers to suffer, with ASE Technology off nearly 10 percent, MediaTek and UMC each shedding more than two percent. <\/p>\n
hat dragged the broader market down, with the Taiex off more than three percent.<\/p>\n
The rally in all things tech helped TSMC, which is also listed in New York, to briefly break the US$1 trillion market capitalisation barrier this month, putting it ahead of Tesla as the seventh most valuable technology firm.<\/p>\n
Profits at the firm jumped more than a third in the second quarter of 2024, while its revenues rose 32 percent on-year to US$20.82 billion. <\/p>\n
The company expects its third-quarter revenue to jump to $23.2 billion, above expectations, according to Bloomberg News.<\/p>\n","protected":false},"excerpt":{"rendered":"
Taiwanese giant TSMC tumbled with several other leading chip makers Friday as traders returned from a typhoon-imposed two-day break to play catch-up with a global tech rout. Equities across the world tumbled after disappointing earnings from “Magnificent Seven” titans Alphabet and Tesla fuelled worries about the tech sector, which has driven a surge in markets and pushed all three main indexes on Wall Street to multiple record highs. The rally, sparked by a frenzy to snap up firms linked to artificial intelligence, has led to speculation that valuations are far too high and a correction could be round the corner […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-838132","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/838132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=838132"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/838132\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=838132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=838132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=838132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}