TSMC tops Intel’s market cap at record high

The China Post
Date: May 3, 2017
By: Christine Chou

TAIPEI, Taiwan — The world’s top contract chipmaker Taiwan Semiconductor Manufacturing Company (TSMC, 台積電) saw shares temporarily hit NT$199, up 2.31-percent from their previous close on Friday, reaching a historic high for market capitalization among all listed companies on the Taiwan Stock Exchange.

According to local media cnYES.com, the foundry’s market value calculated based on the price of its American depositary receipts on Monday expanded to over US$171 billion — topping rival Intel’s market cap on the same day at US$165 billion.

The chipmaker’s shares gained 1.03 percent to NT$196.50 as of 12:07 a.m., off an early high of NT$199 with 34.93 million shares changing hands. Analysts said the strong intra-day performance resulted from market optimism from foreign investors, sparked by the strength of its American Depository Receipts.

TSMC projected its consolidated revenue for the second quarter to fall between NT$213 billion and NT$216 billion, down from 8-percent to 9-percent from the previous quarter. The firm attributed the drop to supply chain and inventory adjustments and lower seasonal demand for smartphones.    [FULL  STORY]

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