TSMC plans to spend record $44bn on capacity expansion in 2022

TAIPEI -- Taiwan Semiconductor Manufacturing Co. said it will spend a record amount of up to $44 billion in 2022 to expand capacity as the world's biggest contract chipmaker aims to help alleviate the global chip shortage and meet surging demand for advanced chips used in AI and 5G-driven applications for cars, data centers and smartphones.

TSMC, which supplies to almost all the world's leading chip developers, has earmarked between $40 billion and $44 billion for capital expenditure this year, much higher than its already record-breaking spending of $30 billion for 2021. This puts the chipmaker on track to meet its plan of investing $100 billion over the three years till 2023.