TAIPEI (Reuters) – Apple Inc supplier TSMC raised its 2019 capital spending plan by up to $5 billion on Thursday and forecast a nearly 10% rise in fourth-quarter revenue on strong demand for faster mobile chips and new high-end smartphones. The logo of Taiwan Semiconductor Manufacturing Company (TSMC) is seen during an investors’ conference in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu The bullish forecast by the world’s top contract chipmaker should ease investor fears of a global tech slowdown, as the world economic growth outlook has dimmed largely due to a 15-month trade war between the United States and China. “5G smartphone growth momentum is stronger than we expected… We have good reasons to increase our capex this year and next year,” TSMC CEO C.C. Wei told an earnings briefing after reporting the Taiwanese company’s strongest quarterly profit growth in more than two years. Wei said TSMC almost doubled its forecast for fifth-generation (5G) smartphone penetration for 2020 to mid-teen percent from a forecast of single digit made just six months ago. Smartphone makers including Samsung Electronics Co Ltd and Huawei Technologies Co Ltd are racing to develop phones enabled with the 5G technology, which could be up to… Read full this story
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UPDATE 3-Chipmaker TSMC boosts capex by up to $5 bln, sees Q4 sales jump on smartphones have 315 words, post on feeds.reuters.com at October 17, 2019. This is cached page on Drudgereport. If you want remove this page, please contact us.