TSMC’s New Chairman Affirms Hopes of AI-Fueled 2024 Recovery

(Bloomberg) — Taiwan Semiconductor Manufacturing Co. Ltd.’s C.C. Wei, who on Tuesday became the first person to hold the dual roles of chairman and chief executive officer in years, reaffirmed expectations for artificial intelligence (AI) development to drive a 2024 industry recovery.

Wei, who was formally appointed the company chairman on Tuesday, stuck with previous projections for 10% chip market growth this year, excluding the vast memory sector. But that was a scaled-back outlook from April, when executives warned about weak smartphone and personal-computing markets.