Taiwan Semiconductor’s (NYSE:TSM) net revenue in the month of July rose by 13.6% sequentially to NT$177.62 billion. Compared to the previous year, though, the company witnessed a 4.9% decline in its net revenue.
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Further, the chip behemoth has seen its top-line contract by nearly 3.7% so far this year. Earlier this week, TSM also announced a joint venture with Robert Bosch GmbH, Infineon Technologies, and NXP Semiconductors to invest in European Semiconductor Manufacturing Company (ESMC).
The joint effort, aimed at providing advanced semiconductor manufacturing, is a major step toward setting up a 300mm fab. The planned facility is anticipated to have a 40,000 300mm wafer production capacity.
Taiwan Semi will own a 70% stake in the joint venture, with construction expected to begin in the second half of 2024. Impressively, the facility is expected to see a total investment of 10 billion euros and will be operated by Taiwan Semi.
Overall, the Street has a $125 consensus price target on TSM alongside a Strong Buy consensus rating. This implies a nearly 32% potential upside in the stock.
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