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Taiwan Semiconductor Manufacturing Co. Plans Expansion in Europe Amidst AI Chip Demand Surge
Taiwan Semiconductor Manufacturing Co. (TSMC), a leading manufacturer of AI chips, is reportedly considering further expansion in Europe, with plans for additional semiconductor fabrication plants. This news follows the recent commencement of construction on TSMC’s first European facility in Dresden, Germany.
Wu Cheng-wen, Taiwan’s National Science and Technology Council Minister, disclosed in an interview with Bloomberg TV that TSMC is actively planning new fabs for various market sectors. “They have started construction of the first fab in Dresden, and they are already planning the next few fabs in the future,” he stated.
However, a TSMC spokesperson later clarified to Euronews business that the company could not confirm any specific plans for further European expansion at this time, emphasizing its commitment to ongoing global projects.
The current expansion efforts include a new factory in Germany and multiple facilities in the United States. The Dresden plant, which TSMC began constructing in August 2024, marks a significant milestone as the first semiconductor fabrication plant established in the European Union. The project, which has a total investment projected to exceed €10 billion, received €5 billion in subsidies and is being developed in collaboration with Bosch, Infineon, and NXP. TSMC Chairman and CEO C.C. Wei highlighted the partnership’s aim to address the semiconductor needs of Europe’s rapidly growing automotive and industrial sectors during the plant’s groundbreaking ceremony, which was attended by European Commission President Ursula von der Leyen and German Chancellor Olaf Scholz.
In tandem with its expansion plans, TSMC is experiencing a robust surge in profits driven by strong demand for AI chips. According to an LSEG SmartEstimate based on analysis from 22 analysts, the company’s third-quarter profit is anticipated to jump by 40%. TSMC reported a notable 39.6% increase in revenue for September 2024 compared to the same period last year.
The semiconductor giant is expected to announce its third-quarter net income on Thursday, forecasting earnings of NT$298.2 billion (€8.49 billion) for the quarter ending September 30. This marks a significant increase from the net income of NT$211 billion recorded in the same quarter of 2023.
As the world’s largest contract chipmaker, TSMC has seen substantial growth, particularly due to the escalating demand for AI technologies. The company has a roster of high-profile clients, including Apple and Nvidia. TSMC’s share price has soared from $91 to $191 over the past year, reflecting an impressive 80% gain since the start of 2024.
With the anticipated expansion and growing market demand, TSMC remains a key player in the global semiconductor industry, positioning itself to capitalize on the burgeoning need for advanced chips in various sectors.
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Lord O’Donnell Calls Cabinet Secretary Role “Massively Underpaid” Amid Recruitment Process
Former Cabinet Secretary Lord O’Donnell has criticized the salary for the UK’s top civil servant position, describing it as “massively underpaid” for the demanding nature of the job. Lord O’Donnell, who is involved in the recruitment process for the £200,000-a-year role, spoke out following the announcement that current Cabinet Secretary Simon Case will step down due to health issues.
In an interview with BBC Radio 4’s The Westminster Hour, Lord O’Donnell, who held the role between 2005 and 2011, emphasized that the job entails significant responsibilities, including advising the prime minister, overseeing the implementation of government policies, and managing senior civil servants. He argued that the role should come with a higher salary, noting that he had earned significantly more in subsequent positions with fewer responsibilities.
“It’s massively underpaid in my view—given that I’ve been paid a lot more since, to do a lot less,” Lord O’Donnell said, highlighting the pressures associated with the job. He added that the position of Cabinet Secretary is “an incredibly demanding job.”
The pay for senior civil servants, including the Cabinet Secretary, is determined by the government based on recommendations from the independent Senior Salaries Review Body.
Lord O’Donnell served as Cabinet Secretary under three prime ministers: Tony Blair, Gordon Brown, and David Cameron. He took on the role in 2005 under Blair’s government and continued through Brown’s premiership, before stepping down in 2011 during Cameron’s coalition government.
The recruitment process for Simon Case’s replacement is currently underway. Case, who has been undergoing treatment for a neurological condition, announced his resignation, stressing that his decision was solely due to health reasons.
Lord O’Donnell remarked that Case’s successor would need to establish a strong working relationship with the prime minister’s chief of staff. When Lord O’Donnell spoke to the BBC, Sue Gray held that position, but she has since resigned to take on a new role as the PM’s envoy for nations and regions.
Gray, a former senior civil servant herself, was at the center of controversy over her salary of £170,000, which exceeds the prime minister’s annual earnings of £166,786. She was replaced by Morgan McSweeney, who previously served as Labour’s general election campaign director.
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