Asian Chipmakers Stumble as TSMC Drops 6% amid Demand Concerns

Asian Chipmakers' Shares Tumble Amid Bleak Industry Outlook

Asian chipmaking stocks took a significant hit on Friday, triggered by an industry downturn warning from Taiwan Semiconductor Manufacturing Corp (TSMC), despite reporting strong first-quarter income driven by artificial intelligence (AI) demands. The company's dismal forecast for the semiconductor industry in 2024 has cast a shadow over its otherwise robust earnings, as weak consumer electronics demand could potentially undermine the growth spurred by the AI sector. TSMC, a benchmark for the global semiconductor market, saw its shares plunge over 6% in Taiwan's trading session.