Chip Giant TSMC Plans to Cut Spending to Offset Falling Near-Term Sales

(Bloomberg) — Taiwan Semiconductor Manufacturing Co. is bracing for weaker-than-expected sales by reducing spending, deepening concerns that the technology industry’s slump is yet to bottom.

The chip giant known as TSMC signaled that this quarter could mark its first revenue drop in four years. But executives forecast slight growth for the full year on an expected recovery in demand for server chips.