One of Wall Street's favorite chipmakers has seen its value tumble as worker shortages and delays dent investor hype
The company said Thursday that second-quarter revenue declined nearly 10% compared to the same time a year ago, and annual net profits dropped 23%.Unfortunately for TSMC — and the chip sector at large — this doesn't exactly come as a surprise.
The wider semiconductor space didn't react favorably. The PHLX Semiconductor Index dipped more than 3.5% Thursday, with every name in the batch closing in the red. The index pared some of those losses Friday. "While we are working to improve the situation, including sending experienced technicians from Taiwan to train the local skilled workers for a short period of time, we expect the production schedule of N4 process technology to be pushed out to 2025," TSMC chairman Mark Liu said Thursday.
While Nvidia has reaped huge gains from the AI craze, TSMC isn't in the same boat. In its earnings report, it said Thursday that AI accounts for a mere 6% of its current revenue, whereas one-third of its revenue is for smartphones.
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