TSMC leads chipmaker plunge as trade resumes after typhoon pause / Photo: Sam Yeh - AFP
-
General Hospital actor Randall England dies at 75
-
Bunnie XO artwork taken down from Jelly Roll’s Nashville bar
-
London museum removes Russell Brand hair exhibit after rape conviction
-
Arlington sentinel rebukes Pete Hegseth entourage for laughter near memorial
-
Yella Beezy sentenced to life for arranging rapper Mo3’s murder
-
Kylie Jenner employee describes closet ordeal and pepper-spray incident
-
Authorities to identify Montauk Mary and five other Long Island cold-case victims
-
Davante Adams injury deepens Los Angeles Rams receiver shortage
-
Barbie sequel negotiations stall over reported $25 million pay packages
-
João Franco’s earlier post draws attention after arrest over fatal Turkey brawl
-
Bath & Body Works launches buy-one-get-one-free candle offer
-
Alberta Launches $5M Fund for Women’s Neurology Research to Address Gender Gaps
-
Itlu Arjuna receives U/A certificate ahead of theatrical release
-
Dhananjaya de Silva guides Sri Lanka to 221-4 against Pakistan
-
Niraj Kumar earns Los Angeles Olympic quota with 50m rifle bronze
-
Delhi gold loses Rs 800 while silver falls Rs 5,000
-
India extends micro-credit guarantee plan for five years
-
Madlanga Commission Deadline Extended to 2027 Amid Calls for Structural Justice Reform
-
Pradeep Antony, Smeha Manimegalai portray secret spouses in Mr & Mrs Office
-
Zelenskyy arrives in Dublin for meetings on Ukraine and peace efforts
-
Woman barred from every Greggs outlet after series of offences
-
Jury hears social-media image helped identify teen in Scarlett Faulkner case
-
Ketchup packets link suspect to break-in at Eddie Rocket’s restaurant
-
American Airlines passenger falls ill and vomits on three travellers
-
Spain's General Strike Links Housing Crisis to Lost Purchasing Power
-
Euro-Area Inflation Reaches 4% as Energy Prices Jump
-
China's Factory Inflation Accelerates While Consumer Demand Stays Weak
-
US Adds 165,000 Jobs as Unemployment Falls to 4.1%
-
Bank of England Raises Interest Rate to 4% as Energy Risks Intensify
-
Energy Costs Push OECD Inflation Up to 4.5%
-
OPEC Says Oil Output Is Near Prewar Levels Despite Shipping Disruptions
-
China's Trade Surplus Passes $1 Trillion as Technology Exports Surge
-
China's Singles' Day Exposes Persistent Consumer Caution
-
US Inflation Broadens as Fed Officials Consider Faster Rate Hikes
-
Irish police prepare for further hoax bomb threats after hundreds of schools targeted
-
Korea, Singapore and New Zealand Advance Green Trade Pact Talks
-
RBA Inflation Target Origins: Why Australia Chose a Range Over Zero
-
Ireland and Ukraine consider drone cooperation memorandum after Dublin talks
-
Sister recounts fatal machete attack as Irish murder trial continues
-
Georgia refrigeration company sues EPA after five-year HFC reprieve
-
HoloCoder technology promises brighter smartphone images and 3D depth data
-
EU proposes broad consumer safeguards for apps, subscriptions and ticketing
-
Early Black Friday Walking Pad Deals: Urevo and WalkingPad Discounts
-
Nvidia faces scrutiny over alleged Chinese intelligence link to Jensen Huang
-
Radical Numerics develops offline AI tool to detect engineered pathogens
-
Chennai orders inquiry after dogs die at shelter; two veterinarians face action
-
Kiara Advani Reveals Sidharth Malhotra’s Reaction to Toxic Backlash
-
Startup turns Chennai’s history and culture into an interactive world
-
Four firms compete to design Chennai’s model mobility corridors
-
NextTrip Advances Cruise Strategy, Connecting JOURNY TV Programming and Digital Booking Tools with Personalized Travel Advisor Support
TSMC leads chipmaker plunge as trade resumes after typhoon pause
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 if reports from other heavyweights such as Apple and Amazon also fall short.
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.
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.
With Typhoon Gaemi triggering massive storms Wednesday and Thursday on Wednesday and Thursday, Taiwan's stock market was closed.
On resuming trade Friday, TSMC tanked 6.5 percent at the open, its steepest drop in three months, according to Bloomberg.
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.
That dragged the broader market down, with the Taiex off more than three percent.
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.
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.
The company expects its third-quarter revenue to jump to $23.2 billion, above expectations, according to Bloomberg News.
D.Kaufman--AMWN