Chipmaker TSMC says revenue up 16.7% as demand surges

TAIPEI, Taiwan (AP) — Taiwan Semiconductor Manufacturing Co., the world’s biggest contract producer of processor chips, says its revenue rose 16.7% in the latest quarter over a year earlier as the global economy rebounded from the coronavirus pandemic and demand surged. The company said revenue rose to 362.4 billion New Taiwan dollars ($12.7 billion). Revenue in March rose 13.7% over a year earlier to 129.1 billion New Taiwan dollars ($4.5 billion).TSMC makes chips for major brands including Apple Inc. and Qualcomm Inc. TSMC said this week it plans to invest $100 billion in the next three years to expand manufacturing and in research and development. It also plans to spend $3.5 billion on a factory in North Phoenix, Arizona.