TSMC raises revenue growth projections due to global chip shortage

Taiwan Semiconductor Manufacturing Co. raised its revenue growth projections and unveiled plans to spend as much as $44 billion expanding in 2022, signaling confidence that voracious demand for iPhones and chips will persist for years.
 
Apple Inc.’s most important chipmaker is now projecting average sales growth of 15% to 20% annually—as much as double its previous expectation. It foresees sales of $16.6 billion to $17.2 billion in the first quarter alone, at least 5% ahead of projections.
 
Those numbers affirm TSMC’s pole position in the market during an unprecedented chip shortage triggered by the pandemic, a deficit that’s walloped the production of cars, mobile phones and game consoles. Asia’s most valuable corporation intends to continue spending heavily to maintain its technological lead over Intel Corp. to Samsung Electronics Co., safeguarding its market share as the growing number of connected devices like cars drive datacenters and high-end computing.
 
It intends to spend $40 billion to $44 billion expanding and upgrading capacity in 2022, up more than $10 billion from last year.