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TSMC earnings rebound adds to signs of chip recovery

New iPhone and 5G drive profit higher at Taiwan supplier

Shoppers try the new iPhone 11 Pro Max after it went on sale at the Apple Store in Beijing.   © Reuters

TAIPEI -- Taiwan Semiconductor Manufacturing Co.'s quarterly profit made a comeback thanks to demand for Apple's new iPhone and fifth-generation wireless communication equipment, in another sign that the global chip market is rousing itself from an 18-month slump.

The world's largest contract chipmaker, a bellwether for the semiconductor industry, upgraded its capital spending for the fiscal year to record levels based on the positive results.

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