Taiwan Semiconductor Manufacturing Co., Ltd. 
TSMC The board of directors approved a total capital allocation of $29.62 billion, which will be used to strengthen the company’s adoption of chip manufacturing process technologies and expand its capacity in advanced and mature packaging technologies, according to a report in the Taipei Times.
The capital expenditure budget will also help build new factories and set up manufacturing facilities. Taiwan Semiconductor is a key player in NVIDIA Corp. 
NVDA and Apple Inc. 
AAPL supplier.
Related article: Taiwan Semiconductor’s AI growth trajectory may be hit by talent shortage: Report
Taiwan Semiconductor has yet to disclose talks with flat-panel display maker Innolux Corp. about buying an idle fab.
Innolux says about 60 percent of the idled fab’s manufacturing capacity could be repurposed for fan-out panel-level packaging (FOPLP) technology.
Taiwan Semiconductor Chairman CC Wei previously told investors that the company is researching panel-level fan-out technology and expects it to mature within three years.
Taiwan Semiconductor said in July it plans to invest $28 billion to $32 billion in new facilities and equipment this year.
In addition, Taiwan Semiconductor’s board of directors approved a new capital injection of up to $7.5 billion into Taiwan Semiconductor Arizona.
Taiwan Semiconductor continues to enjoy a boost from the artificial intelligence wave, increasing by more than 85% in the past 12 months.
The company reported a 45% revenue increase in July, and analysts told Bloomberg they expect Taiwan Semiconductor’s third-quarter revenue to grow by at least 37%.
Morgan Stanley named Taiwan Semiconductor a “top pick” citing the company’s quality, defensive nature and attractive valuation.
Investors can gain exposure to Taiwan Semiconductor through the SPDR MSCI ACWI ex-US ETF. 
Canada SPDR NYSE Technology ETF translation.
Price Action: TSM shares were down 0.41% at last check on Wednesday, trading at $171.63 in pre-market trading.
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