C.C. Wei, CEO of Taiwan's TSMC, the world's largest foundry (semiconductor contract manufacturing) company, who has concurrently been appointed as chairman of the board, reaffirmed expectations for semiconductor growth driven by artificial intelligence (AI) development.
According to Bloomberg on the 4th (local time), Wei, officially appointed as chairman of the board, maintained the previous forecast that the semiconductor market, excluding the memory sector, will grow by about 10% this year. The report stated, "CEO Wei reaffirmed the growth outlook for this year," adding that "TSMC stands at the center of the global AI and semiconductor boom."
Earlier, TSMC management had warned in April of weakness in the smartphone and personal PC markets and presented a revised growth forecast of "about 10%" down from the previous "over 10%."
In particular, the report highlighted that CEO Wei was appointed chairman of the board at a time when TSMC is at the center of the global AI boom. This move reorganizes the management structure into a so-called single-person system under Wei while expanding overseas production.
Additionally, this day coincides with the ICT exhibition "Computex 2024," which has drawn global attention to Taiwan. Jensen Huang, CEO of NVIDIA; Pat Gelsinger, CEO of Intel; Lisa Su, CEO of AMD; and many other executives from major technology companies visited Taipei, Taiwan, to attend Computex 2024. The executives attending the forum, like CEO Wei, presented growth forecasts fueled by the AI boom.
On this day, CEO Wei explained the construction status of the largest overseas investment, the factory in Arizona, USA, while stating that the most advanced technology will first be adopted in Taiwan. He also mentioned during the shareholders' meeting Q&A that there are no plans for share buybacks or stock splits for the time being. He added that cash is needed as an investment to leverage future growth.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
