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Taiwan's TSMC posts 13.8per cent rise in Q3 profit on global chip demand surge

Technology

TAIPEI :Taiwan chip giant TSMC posted a 13.8per cent jump in third quarter profit on Thursday on the back of booming demand for semiconductors to power smartphones and other gadgets during the COVID-19 pandemic amid a supply crunch.

July-September net profit for TSMC, the world's largest contract chipmaker and a key supplier to Apple Inc, came in at TUS$156.3 billion (US$5.56 billion), well ahead of the TUS$149 billion average of 22 analyst estimates compiled by Refinitiv.

Advanced chips made by TSMC, formally known as Taiwan Semiconductor Manufacturing Co, are used in everything from high-end smartphones like Apple's newly unveiled 5G iPhone 13, to artificial intelligence, cars and a wide variety of lower-end consumer goods.

TSMC and Taiwan in general have also become central in efforts to resolve a pandemic-induced global chip shortage that has forced a

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