Tech Sector Fears: Taiwan Semiconductor Cuts Spending Target by 10%

Earlier this week, US President Biden’s administration announced that it would restrict chip technology sales to China, thus limiting China’s military advances (We mentioned this issue in our recent SimpleFX Weekly Financial Update).

As expected, the decision would not go unnoticed. The actions taken by the US have echoed across the tech industry, forcing top companies to take drastic measures.

The world’s leading chip company, Taiwan Semiconductor Manufacturing Co. (also called Taiwan Semiconductor), is said to have cut its capital spending target by as much as 10 percent, which some experts see as a clear indication of the entire industry’s direction.

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