TSMC Continues to Ramp 7-nm Process; Shares Drift Further Into Overvalued Territory
Taiwan Semiconductor Manufacturing delivered mixed second-quarter results. Even though the top line was within guidance, management cut its full-year revenue forecast and now expect sales in U.S. dollars to increase by high single digits, previously 10%. The firm attributed the decreased forecast to expected weakness in demand from the cryptocurrency mining market. Shares traded as much as 4.5% higher on the news. While management delivered positive third-quarter guidance, the market reaction is...
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