TSMC reports record quarterly profit, will boost chip spending in 2022

Taiwanese chip firm TSMC expects strong growth to accelerate in coming years due to booming semiconductor demand, as the tech giant on Thursday reported a record quarterly profit and said it plans to spend at least a third more than last year.
Soaring demand for semiconductors used in smartphones, laptops and other gadgets during the Covid-19 pandemic has led to an acute chip crunch, forcing automakers and electronics manufacturers to cut production but keeping order books full at TSMC and other chipmakers.
Apple AAPL Qualcomm QCOM Taiwan Semiconductor Manufacturing Co., a majorsupplier that also has customers such as, posted a 16.4% rise in fourth-quarter profit.
The company said it expects to lift capital spending to between $40 billion and $44 billion this year.
Last year it spent $30 billion.
TSMC announced in 2021 a $100 billion expansion plan over the next few years, as new technologies such as fifth-generation (5G) telecommunications technology and artificial intelligence applications also drive chip demand.