Goldman Sachs cuts TSMC’s capex forecast

TAIPEI (TVBS News) — Taiwan Semiconductor Manufacturing Co. (TSMC) has witnessed a drop of 11% in its stock price over the past five months to NT＄527, reducing its market value to approximately NT＄2.5 trillion.

According to Bloomberg's latest report, TSMC's drop is "more significant than any stock in Asia," suggesting that the worst may not be over yet. However, the report stated that TSMC's leading role in the semiconductor contract manufacturing market continues to receive high praise from analysts and no "sell" ratings.

Driven by increased global demand for artificial intelligence (AI), TSMC's share price surged 60% from October last year to June this year and hit a year-high of NT＄594 in mid-June.

Meanwhile, the Goldman Sachs Group has recently reduced its capital expenditure expectations for TSMC for 2024 by over 20% to US＄25 billion. The decision comes amid concerns that the semiconductor giant may postpone its overseas capacity expansion plan.

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