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

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.Taiwan Semiconductor Manufacturing Co., a major Apple (AAPL) supplier that also has customers such as Qualcomm (QCOM), 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

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