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TSMC cancels chip price cuts and promises $100bn investment surge

Taiwan chipmaker outlines 3-year spending plan through 2023 to meet higher demand

TSMC, the world's biggest contract chipmaker, plans to invest $100 billion over the next three years to expand production capacity. (Source photos by TSMC and Reuters)

TAIPEI -- Taiwan Semiconductor Manufacturing Co. is asking clients to accept higher prices as it ramps up investment to deal with a "structural and fundamental increase" in chip demand.

C.C. Wei, TSMC's CEO, told clients in a letter seen by Nikkei Asia that the world's biggest contract chipmaker plans to invest $100 billion over the three years through 2023 in advanced semiconductor technologies, according to the letter. TSMC this year announced record high capital expenditure of up to $28 billion for this year alone.

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