Healthy Second-Half 2019 Demand for Industry Bellweather Taiwan Semiconductor; Shares Overvalued
TSMC reported first-quarter results in line with the firm’s updated guidance following a bad photoresist material incident in February that had a negative impact on 12- and 16-nanometer wafers. Management noted the incident reduced first-quarter sales by about $550 million, though this will be made up in the second quarter. Furthermore, the firm doubled down on the industry narrative of a second-half recovery in 2019. Although TSMC will benefit from the ramp of its latest 7-nm-plus processors (u...
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