JPMorgan Chase: TSMC's market value has evaporated by US$77 billion, and the chip industry's recovery time will be extended

News from this site on October 4, according to a Bloomberg report, JP Morgan analyst Gokul Hariharan recently said that in view of the weakness in most terminal markets such as PCs and smartphones, entering 2024, TSMC’s recovery will slow down, "Given the unclear macro outlook, orders are expected to remain sluggish in the first half of 2024."

Thanks to the global AI trend, TSMC's stock price increased by 60% between October last year and June this year , but now traders have become cautious, especially when the smartphone and PC business have not picked up, analysts believe that high-end AI chip orders are also slowing down faster than expected.

##▲ Picture source Bloomberg

Due to concerns about the global macro-environment,

TSMC’s stock price has reached its highest level since June The index fell 11%, and the market value evaporated by US$77 billion (currently about 562.87 billion yuan). Volatility skew has continued to rise in recent months, causing TSMC's stock price to fall further.

Goldman Sachs Group recently lowered TSMC’s capital expenditure forecast for next year by 20% to US$25 billion (Note from this site: currently about 182.75 billion yuan), which will be the lowest level since 2020. This is because Goldman Sachs is worried that TSMC may delay its capacity expansion plan, and TSMC's 12-month profit forecast has also fallen by about 8% from the high point in October last year

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