Taiwan Semiconductor rises even as 'major' customers may cut back 2023 orders: report
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Taiwan Semiconductor (NYSE:TSM) shares rose on Tuesday even as DIGITIMES reported that the global foundry's "major" fabless customers have started cutting back wafer starts in 2023.
The news outlet, citing industry sources, noted that the cuts may result in Taiwan Semiconductor (TSM) revising its revenue outlook at an investor conference in January.
Major clients of Taiwan Semiconductor (TSM) include Apple (NASDAQ:AAPL), Advanced Micro Devices (AMD), Broadcom (AVGO), Nvidia (NVDA) and more.
The report comes just a few days after it was reported that Taiwan's export orders unexpectedly rose in August due to new Apple (AAPL) products.
Taiwan's exports rose 2% year-over-year in August to $54.59B, compared to an expected decline of 2% year-over-year, according to data from the country's Ministry of Economic Affairs.
In July, exports from the island nation fell 1.9% year-over-year.
Taiwan Semiconductor (TSM) shares gained nearly 1% to $73.68 in premarket trading.
Taiwan Semiconductor (TSM) recently issued its monthly revenue report for August, where it said it generated NT$218.13B ($6.88B) in revenue, up 16.8% month-over-month and 58.7% year-over-year.
Through the end of August, Taiwan Semiconductor (TSM) had generated NT$1,430.11B ($45.09B) in revenue, up 43.5% year-over-year.
Earlier this month, it was reported that Apple (AAPL) would use the latest chip technology from Taiwan Semiconductor (TSM) to produce next year's iPhones and MacBooks.