Taiwan Semiconductor Manufacturing's (NYSE: TSM) stock has slipped nearly 10% over the past three months as investors fretted over the contract chipmaker's slowing growth. Its revenue has declined year over year for two consecutive quarters, and it's bracing for another drop in the third quarter and a 10% revenue decline in USD terms for the full year.

TSMC still makes the world's smallest and densest chips, but its growth stalled out as consumers bought fewer PCs and smartphones after the end of the COVID-19 public health emergency. The macro headwinds curbed the market's appetite for other types of chips.

Image source: TSMC.

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Source Fool.com