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Chipmakers trim spending by billions as COVID boom fades

Cost-saving could be tough for likes of TSMC and Intel amid race to build plants

Chipmakers like Taiwan Semiconductor Manufacturing Co. are adjusting spending plans as a chip shortage swings to a glut.   © TSMC

PALO ALTO, U.S./TAIPEI -- Chipmakers are cutting costs and curtailing aggressive spending plans as a COVID-fueled boom in the semiconductor industry rapidly swings toward what some fear will be a longer than usual downturn.

Chip giants from Intel to Taiwan Semiconductor Manufacturing Co. started the year with high hopes, racing to build factories, hire more staff, and buy more equipment to expand production and capture pent-up demand.

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