Vital Apple Supplier Taiwan Semiconductor To Appoint 6K Engineers

• Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) looked to hire over 6,000 new staff in 2023.

• TSMC eyed young engineers with associates, bachelor’s, master’s, or doctorate degrees in electrical engineering or software-related fields in cities across Taiwan, Reuters reports citing the chipmaker’s Saturday statement.

• The average overall salary of a new engineer with a master’s degree is T$2 million ($65,578.07).

• Also Read: Taiwan Semiconductor Manufacturing Eyes Second Chip Plant In Japan Worth Over $7B: Report

• A decline in demand for electronics and high inventory levels following a shortage of chips led to a downturn in the semiconductor industry.

• Since late 2022, several global chip companies have curbed investments.

• TSMC’s advantage in making some of the most advanced chips for high-end customers like Apple Inc (NASDAQ: AAPL) has shielded it from the downturn.

• TSMC slightly reduced its annual capital expenditure for 2023 and predicts a first-quarter revenue drop but expects demand to pick up by the second half of this year.

• In February, Intel Corp (NASDAQ: INTC) shared plans to cut payments to mid-level staff and executives from 5% – 25%.

• Price Action: TSM shares closed higher by 0.84% at $89.78 on Friday.

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