Chipmaker TSMC approves $2.8 billion for capacity expansion


FILE PHOTO The logo of Taiwan Semiconductor Manufacturing Co TSMC is pictured at its headquarters in Hsinchu Taiwan Jan. 19 2021. REUTERSAnn Wang

FILE PHOTO: The logo of Taiwan Semiconductor Manufacturing Co (TSMC) is pictured at its headquarters, in Hsinchu, Taiwan, Jan. 19, 2021. REUTERS/Ann Wang

TAIPEI (Reuters) -Taiwan Semiconductor Manufacturing Co's (TSMC) board has approved $2.89 billion in spending to increase capacity, the company said on Thursday, responding to a global chip shortage that has affected carmakers in particular.

In a brief statement, the world's largest contract chipmaker said its board had approved the spending "for the purpose of installing mature technology capacity".

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