Asian Chip Stocks Tumble as TSMC Results Fail to Meet Lofty Expectations

Price ActionEarnings Impact 4
โดย Bloomberg·Read original
Summary · why it matters

A selloff in Asian chip stocks deepened after Taiwan Semiconductor Manufacturing Company's strong results failed to satisfy investors' elevated expectations, stoking worries over heavy spending and a weaker profitability outlook. Shares of the world's largest contract chipmaker fell as much as 4.5% in Taipei after it raised its 2026 spending forecast to between $60 billion and $64 billion, at least $4 billion higher than previously projected, while a Bloomberg index of Asian chip stocks tumbled more than 5%, pushing it down about 19% from its June peak. Losses were led by Kioxia Holdings Corporation, a Japanese flash memory maker whose shares have lost half their value in recent weeks but remain up about 400% on the year. Analysts pointed to cost inflation from higher equipment prices and disappointment over the negative impact on TSMC's margins, while some market participants cited overheating and inflated valuations, with TSMC trading at around 20 times forward earnings estimates compared with a five-year average of 18 times. Chip-heavy indexes including Taiwan's Taiex, Japan's Nikkei 225 Stock Average, and China's Star 50 Index each slid more than 4% on Friday, though strategists noted that the structural AI demand case remains intact.

Impact on stocks 5

Semiconductors▼ · 3 stocks
Lasertec Corp.
6920
▼ NegativeDemandrelevance

Chip equipment maker Lasertec likely impacted by TSMC's capex raise and industry selloff, though not explicitly mentioned.

Artificial Intelligence▼ · 1 stocks
NVIDIA Corporation
NVDA
▼ NegativeDemandrelevance

Chip selloff and TSMC's capex raise signal potential overcapacity, but structural AI demand intact; NVIDIA as AI chip buyer faces indirect demand uncertainty.

Financials▲ · 1 stocks
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