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Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) expects to meet the minimum semiconductor chip requirement of its clients before the end of June, the company’s CEO Mark Liu told CBS News on Sunday.
What Happened: The Taiwan-based company, a key chip supplier for U.S. automakers and also Apple Inc. (NASDAQ:AAPL), last year could not cope with the sudden unexpected pullback in demand as the economy reopened but believes it can finally meet its clients' minimum inventory requirement in two months.
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TSMC had last month, in an earnings call, said that its automotive customers can expect chip shortages to start easing next quarter but the shortages will still continue to last throughout 2021 and potentially into next year too.
Liu clarified that his latest comments shouldn't be interpreted to mean that the chip shortage could end by June. "There's a time lag," the TSMC CEO said in the interview with CBS's 60 Minutes. "In car chips particularly, the supply chain is long and complex. The supply takes about seven to eight months."
See Also: Apple Supplier TSMC's Q1 Profit Jumps 19% Amid Chip Shortage
Why It Matters: Automakers, smartphone and appliance makers across the world have been scrambling to secure chip supplies amid a raging shortage that has forced them to halt or delay some of their production.
Hon Hai Precision Industry Co Ltd (OTC:HNHPF), another key Taiwan-based supplier — popularly known as Foxconn, in March said chip shortage will hurt 10% of its shipment and last through 2022.
Intel Corporation (NASDAQ:INTL) CEO Pat Gelsinger, too, has warned the global semiconductor chip supply shortage could stretch two more years as the ecosystem makes significant investments to finally address the crunch.
Amid the shortage, Intel has pledged to revive the semiconductor giant with a $20 billion plan to spend on new factories.
Price Action: Intel shares closed 1.29% lower at $57.53 on Friday. Apple shares closed 1.51% lower at $131.46.
Photo by iphonedigital on Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.