TSMC Gains By Most in Two Months After Reaffirming Spend Target … – Bloomberg

Taiwan Semiconductor Manufacturing Co., Apple Inc.’s key chipmaker, gained by the most in nearly two months after reaffirming its target for capital spending this year, despite a persistent slump in demand for everything from smartphones to server chips. 

TSMC warned on Thursday that demand from the mobile and PC industries would remain “soft” for now, though the market was stabilizing and likely to improve in the second half of the year. It’s sticking with earlier plans to spend as much as $36 billion upgrading and expanding capacity in 2023. The American depositary receipts gained as much as 5.3% to $91.88, the most since Feb. 23.