TSMC Sees Multi-Year Growth Ahead, to Boost Chip Spending in 2022

TSMC Sees Multi-Year Growth Ahead, to Boost Chip Spending in 2022
The logo of Taiwan Semiconductor Manufacturing Co. (TSMC) in Hsinchu, Taiwan, on Jan. 19, 2021. Ann Wang/Reuters
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TAIPEI—Taiwanese chip firm TSMC expects strong growth to accelerate in coming years due to booming semiconductor demand, as the tech giant on Thursday reported a record quarterly profit and said it plans to spend at least a third more than last year.

Soaring demand for semiconductors used in smartphones, laptops, and other gadgets during the COVID-19 pandemic has led to an acute chip crunch, forcing automakers and electronics manufacturers to cut production but keeping order books full at TSMC and other chipmakers.