TSMC raises revenue growth projections due to global chip shortage

It intends to spend $40 billion to $44 billion expanding and upgrading capacity in 2022

Taiwan Semiconductor Manufacturing Co. raised its revenue growth projections and unveiled plans to spend as much as $44 billion expanding in 2022, signaling confidence that voracious demand for iPhones and chips will persist for years.
 
Apple Inc.’s most important chipmaker is now projecting average sales growth of 15% to 20% annually—as much as double its previous expectation. It foresees sales of $16.6 billion to $17.2 billion in the first quarter alone, at least 5% ahead of projections.
 
Those numbers affirm TSMC’s pole position in the market during an unprecedented chip shortage triggered by the pandemic, a deficit that’s