Why Taiwan Semiconductor Stock Tumbled 5% -- and Took Intel and AMD Down With It
Shares of contract semiconductor manufacturing giant Taiwan Semiconductor Manufacturing Company (NYSE: TSM) stock slid 5.1% through 12:50 p.m. ET Thursday, while Advanced Micro Devices (NASDAQ: AMD) lost 3.8% of its market capitalization and Intel (NASDAQ: INTC) -- relatively unscathed -- lost only 2.2%.
But it all started with TSMC.
The world's biggest manufacturer of semiconductor chips reported its Q2 2023 financial results yesterday, and while earnings exceeded expectations ($1.14 per share where Wall Street predicted $1.08 per share), and sales came in stronger than expected as well ($15.7 billion instead of $15.5 billion), both numbers still represented sizable drops from the year-ago quarter.
Source Fool.com
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