Hong Kong (CNN Business) Taiwan Semiconductor Manufacturing Company, the world's largest contract chipmaker, announced Thursday that it expects to pour $100 billion into advanced chips over the next three years to keep up with rising demand. TSMC TSM The investment is a massive increase over the $25 billion to $28 billion thatplanned to spend to make advanced chips this year. "In order to keep up with demand," TSMC expects to use the funds to "increase capacity to support the manufacturing and [research and development] of advanced semiconductor technologies," the company said in a statement sent to CNN Business. The company has said previously that industry "megatrends," like 5G and high performance computing, will fuel strong demand for semiconductor technology over the next several years. Shares of TSMC climbed more than 2% in Taipei on Thursday.

Source: CNN April 01, 2021 05:26 UTC