Tech Stocks Climb Amid Market Strength – Tech Roundup

Tech stocks rose amid the broader market rally.

Despite reporting record quarterly profit growth, TSMC cut its capital spending forecast for this year by about 10% in response to headwinds including slowing global chip demand and rising costs.

The world’s largest contract chipmaker reported an 80% rise in net income for the July-September quarter, largely due to strong sales of its cutting-edge chips used in smartphones and other devices.

Samsung Electronics has received a one-year waiver from new U.S. restrictions on China’s chip industry, joining a list of semiconductor giants that have been exempted, according to people familiar with the matter.

TSMC also said it had won an exemption from U.S. rules, allowing the world’s largest contract chipmaker to continue expanding its facilities in the eastern Chinese city of Nanjing.

Write to Amy Pessetto at

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