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TSMC's Morris Chang built a powerful business

Taiwanese chip company plays a key role in smartphone production

Morris Chang, founding chairman of TSMC, established a new business model where it manufactures semiconductors for other companies. (Photo by Shinya Sawai)

HSINCHU, Taiwan -- Three days after the founding chairman of Taiwan Semiconductor Manufacturing Co., Morris Chang, announced his retirement and a succession plan on Oct. 2, shares of the sole chip supplier to Apple's new iPhones hit an intraday record high of 225.50 New Taiwan dollars.

Many technology executives and industry analysts attribute the company's fortunes to Chang, 86 years old, who started the Taiwanese chip maker in 1987, for his vision, long-term outlook, and the unrivaled team of semiconductor experts he has assembled over the decades.

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