TSMC has guided 2020 sales growth of +20% y-o-y or higher (vs its previous outlook in the high teens) despite the loss of HiSilicon’s business. The 2020 capex budget has been raised from $15~16 billion to $16~17 billion. The 2020 capex upgrade is due to better-than-expected demand for 5nm processes that began mass production in 2Q20. Apple ...
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