Why Taiwan Semiconductor Manufacturing Stock Jumped Today
Taiwan Semiconductor Manufacturing (NYSE: TSM) stock posted gains in Thursday's trading despite a pullback for the broader market. The company's share price rose 2.1% in the daily session. Meanwhile, the S 500 closed out the day down 0.3%, and the Nasdaq Composite was down 0.4% in the session.
Taiwan Semiconductor Manufacturing (TSMC) stock is gaining ground today following indications that the company will not purchase 's chip foundry business. Some reports have suggested that TSMC could buy Intel's fab business, but it would be a costly move for the business.
Intel's foundry business has been struggling. The chip fabrication unit has been racking up billions in losses on an annual basis and failing to attract enough major contracts from third-party customers. Amid the challenges, reports and speculation have emerged that TSMC, Nvidia, and other players in the chip space could step in to buy Intel's chip fab business outright or invest to run the company's foundry unit as a joint venture. But TSMC investors aren't thrilled with the potential arrangement.
Source Fool.com
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