Taiwan’s TSMC to invest $2.9 bln to build advanced chip plant

Taiwan Semiconductor Manufacturing Company (TSMC) is planning to invest $2.9 billion to build an advanced chip factory in the country, as it increases production to meet the growing demand for AI products globally, the company said in Tuesday.

The company is unable to fulfil customer demand driven by the AI boom and plans to roughly double its capacity for advanced packaging, CEO C.C. Wei said last week.

TSMC aims to increase the capacity as quickly as possible, expecting this tightening will be released towards the end of the next year, the statement stated.

However, TSMC reported on Thursday a 23 percent fall in net profit for the second quarter, compared to the same period last year, as a global economic downturn took a toll on overall demand.