In an indication of market sentiment, TSMC lowered its global logic semiconductor industry growth forecast to 10% in 2024. As a result, chip-related stocks fell in Tokyo, Seoul and other Asian markets on Friday.
This also affected TSMC’s share prices: on Friday, the vendor’s shares fell 5% in the US and 7% in Taiwan, which immediately affected other industry stocks. The depressed outlook was also influenced by the Philadelphia Semiconductor Index (SOX) in the US, which reached its lowest level in nearly two months on Thursday and continues to decline steadily.
“Chip stocks have been in the spotlight due to generative AI, so even a small concern about its prospects has triggered a massive sell-off,” said Kazuyoshi Saito, senior financial analyst at IwaiCosmo Securities.
Source: Ferra
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