Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) board of directors has approved a plan to set up a wholly owned US subsidiary in Arizona with paid-in capital of US$3.5 billion.
Yesterday’s announcement confirms that TSMC would fulfill its commitment and proceed with a US$12 billion investment to build a new fab in the US.
TSMC in May said that it was in talks with the US central and local governments to secure incentives to narrow the manufacturing cost gap between Taiwan and the US.
Photo: Ann Wang, Reuters
The chipmaker plans to make 5-nanometer chips by 2024 at the fab, which would be its first 12-inch fab overseas.
The Hsinchu-based chipmaker yesterday also said its board of directors has approved to distribute a cash dividend of NT$2.5 per common share for the third quarter of this year and set March 23 as the record date for common stock shareholders entitled to participate in this cash dividend distribution.
The board also approved capital appropriation of about US$15.1 billion for capacity expansion of advanced technology and specialty technology, the company said in a statement.
The capital would also be spent on upgrading wafer packaging capacity as well as research and development.
The chipmaker said revenue last month dropped 6.5 percent to NT$119.30 billion (US$4.13 billion), compared with NT$127.59 billion in September. On an annual basis, revenue expanded 12.5 percent from NT$106.04 billion.
In the first 10 months of this year, TSMC’s revenue soared 27.7 percent to NT$1.1 trillion from NT$858.79 billion a year earlier.
The US dollar on Friday rose against the euro, but pared gains late in a session that was muddied by quarter-end trading, while riskier commodity-led currencies fell sharply after European inflation hit a record high and US consumer spending increased faster than expected. Although the dollar index was showing its biggest quarterly gain since the first quarter 2015, but was registered its first weekly decline in three weeks. Sterling rose against the dollar after falling earlier in the day. The pound last showed four straight sessions of gains followed by wild declines on concerns about Britain’s plan to slash taxes and pay
PRICE POINT: While overall demand has lagged expectations, higher-priced iPhone 14 Pro models appear to attract more attention than entry-level versions, sources said Apple Inc is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, people familiar with the matter said. The Cupertino, California-based company has told suppliers to pull back from efforts to increase assembly of the iPhone 14 product family by as many as 6 million units in the second half of this year, said the people, asking not to be named as the plans are not public. Instead, the company would aim to produce 90 million handsets for the period, about the same level as in the second half
INEXPENSIVE POWER: Group chairman Gautam Adani said 70% of the investment would go into energy transition, with a focus on green hydrogen India’s Adani Group is to invest more than US$100 billion over the next decade, most of it in the energy transition business, chairman Gautam Adani said yesterday, as the ports-to-energy conglomerate accelerates an already aggressive expansion plan. After founding the group in 1988 as a commodities trading business, the 60-year-old has ventured into multiple sectors, mainly in the infrastructure space and in line with the priorities of the government of Indian Prime Minister Narendra Modi. “As a group, we will invest over US$100 billion of capital in the next decade,” Adani, the world’s second-richest person, told the Forbes Global CEO Conference in
Moderna Inc has refused to hand over to China the core intellectual property behind the development of its COVID-19 vaccine, leading to a collapse in negotiations on its sale in the country, the Financial Times reported on Saturday, citing people familiar with the matter. The Cambridge, Massachusetts-based pharmaceutical company turned down China’s request to disclose the formula for its mRNA vaccine because of commercial and safety concerns, the newspaper said, citing people involved in negotiations that took place from 2020 to last year, adding that the vaccine maker is still “eager” to sell the product to China. The company had “given up”