Chipmaker TSMC raises capex by up to US$5bil

File Picture: Lora Ho, chief financial officer of Taiwan Semiconductor Manufacturing Co. (TSMC), left, and C. C. Wei, chief executive officer, attend the company's annual general meeting in Hsinchu, Taiwan, on Wednesday, June 5, 2019.

TAIPEI: Apple Inc supplier TSMC raised its 2019 capital spending plan by up to US$5bil yesterday and forecast a nearly 10% rise in fourth-quarter revenue on strong demand for faster mobile chips and new high-end smartphones.

The bullish forecast by the world’s top contract chipmaker should ease investor fears of a global tech slowdown, as the world economic growth outlook has dimmed largely due to a 15-month trade war between the United States and China.