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TSMC lowers full-year outlook on weak demand, chip surplus

Chipmaker logs better-than-expected Q1, but sees slow recovery ahead

Taiwan Semiconductor Manufacturing Co. is a bellwether for the global tech industry, as it supplies many of the world's biggest chip developers.   © Reuters

TAIPEI -- Taiwan Semiconductor Manufacturing Co., the world's biggest contract chipmaker, is predicting its first full-year revenue drop since 2009 after lowering its outlook for this year due to weak demand and persistently high inventory levels.

"Due to weakening economic conditions and softening market demand, semiconductor inventory increased at a higher level than we expected. In addition, the recovery in end-market demand from China's reopening is lower than our expectation," TSMC CEO C.C. Wei told an earnings conference on Thursday.

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