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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.

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