TSMC Shares Decline Despite Profit Surge; Trump's Taiwan Comments Weigh In
Taiwan's chip giant TSMC saw its shares decline by 2.4% on July 19, even after reporting a 36% rise in second-quarter profit. The decline is attributed to former U.S. President Donald Trump's comments that Taiwan has taken "100%" of America’s chip business and should pay the US for defence against China. After the former president's comment, Taiwan’s foreign ministry said that they want to boost the island's defence spending. Following Trump's comments, chip stocks have declined. Shares of South Korea’s SK Hynix fell by 4%, while Japan’s Tokyo Electron dropped by 8%. Reports suggest the Biden administration may increase curbs on chip exports, further impacting tech stocks.
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