Beating around the bush is rarely helpful. Executives at the $324 billion Taiwan Semiconductor Manufacturing barely addressed questions regarding Washington's technology on China during its earnings call on Thursday. Chief Executive C.C. Wei played down the U.S. move's near-term impact on the Asian manufacturer as limited and manageable. Against a worsening geopolitical backdrop and looming global recession, such deliberate ambiguity will be cold comfort to shareholders.
, are broad and vague. It's not clear, for example, if lower-tech chips also fall under the export controls. Analysts at Bernstein say TSMC could lose anywhere between 0.4% and 5% of its 2023 revenue.
between Washington and Beijing, which claims sovereignty over Taiwan, will make it harder for TSMC to stay neutral and continue to sell to both sides. When pressed about TSMC's long-term view on China, the world's largest semiconductor market, Wei offered platitudes about the company's commitment to serve its customers all over the world. Shareholders wiped out $35 billion in market value this week on the uncertainty. That calls for more corporate clarity.
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