TSMC’s new chairman affirms forecast of AI-fuelled chip market recovery in 2024
semiconductor

TSMC’s new chairman affirms forecast of AI-fuelled chip market recovery in 2024

Wei’s ascension signifies a changing of the guard at a company founded by Morris Chang and today sits at the heart of the global AI boom.
People visit Taiwan Semiconductor Manufacturing Co’s Museum of Innovation in Hsinchu, a city in northwestern Taiwan, on May 29, 2024. Photo: Reuters
TSMC remains the single most important chip maker to Apple as well as Nvidia Corp and SK Hynix, whose components are considered critical to the training and hosting of AI services.

But Wei stressed that TSMC will always begin adopting the most advanced technology in Taiwan, before considering employing it elsewhere. And he pledged to stick with TSMC’s business model over the long run.

Taiwan Semiconductor Manufacturing Co’s sprawling plant in northwest Phoenix sits on a lot of more than 1,100 acres, which the company bought from the state of Arizona in 2020 for US$89 million. Photo: Matt Haldane

TSMC convened its shareholders’ meeting the same morning Gelsinger delivered his keynote speech at Computex. Executives at the forum have so far echoed Wei’s outlook for a return to solid growth after years of malaise, in part because of the AI boom.

But executives on Tuesday said TSMC will not be initiating share buy-backs or a split any time soon, in response to a stockholder’s query. The company needs cash to make investments to capitalise on the future growth of the industry, they said.

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