Why Taiwan Semiconductor Manufacturing Stock Sank Today
Taiwan Semiconductor Manufacturing (NYSE: TSM) stock got hit with significant sell-offs in Wednesday's trading. The semiconductor foundry leader's share price closed out the day down 3.6% after having been off as much as 5.6% in the session. Meanwhile, the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 2.2% and 3.1% in the session, respectively.
TSMC's valuation moved lower today in conjunction with news of new export restrictions on Nvidia's processors, higher tariffs on China, and cautious commentary from Federal Reserve Chairman Jerome Powell. The stock is now down 23% year to date.
Nvidia submitted a filing yesterday disclosing a significant new business headwind. The company is now being required to submit for an export license if it wants to sell more of its H20 processors to China, which likely means that the product will be barred from being sold to the country.
Source Fool.com
Taiwan Semiconductor Manufacturing Co. Ltd. ADR Stock
With 28 Buy predictions and 1 Sell predictions Taiwan Semiconductor Manufacturing Co. Ltd. ADR is one of the favorites of our community.
However, we have a potential of -5.15% for Taiwan Semiconductor Manufacturing Co. Ltd. ADR as the target price of 304 € is below the current price of 320.5 €.
