Why Taiwan Semiconductor Manufacturing Company Shares Are Falling – Taiwan Semiconductor (NYSE:TSM) – Benzinga Feedzy

Taiwan Semiconductor Mfg. Co. Ltd. TSM shares are trading lower by roughly 2.9% to $89.56 Thursday afternoon. Semiconductor and chip stocks have dropped amid tech sector weakness, fueled by rate hike concerns post-U.S. jobs data. China’s iPhone crackdown and Huawei’s 5G Kirin 9000s chip-powered smartphone have added pressure to several sector stocks.

TSMC is a major semiconductor foundry and one of Apple’s key suppliers. Apple is a significant client for TSMC, and a ban on iPhones in critical Chinese government sectors could raise concerns about Apple’s sales and demand for its products in China.

This, in turn, might impact TSMC’s revenue, as a significant portion of its business is tied to Apple.

What You Need To Know

China’s move against the U.S. to broaden its ban on iPhones in sensitive departments encompassing government-backed agencies and state companies signaled increasing difficulties for Apple Inc in its largest foreign market and global production hub. The ban comes on the heels of Apple’s latest iPhone model launch.

This move comes amid Beijing’s efforts to reduce reliance on American technology, further fueled by the U.S. sanctions on China over semiconductor technology and efforts to reduce supply chain dependence on China…Read More

According to data from Benzinga Pro, TSM has a 52-week high of $110.69 and a 52-week low of $59.43.