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Taiwan Semiconductor Manufacturing Company (TSMC) will pour as much as $28bn into capital spending in 2021, a staggering sum aimed at expanding its technological lead and constructing a plant in Arizona to serve key US customers.

Capital spending for 2021 is targeted at $25bn to $28bn, compared with $17.2bn the previous year. About 80% of the outlay will be devoted to advanced processor technologies, suggesting TSMC anticipates a surge in business for cutting-edge chipmaking. Intel, which on Wednesday announced a new CEO, is said to be contemplating a departure from tradition and outsourcing manufacture to the likes of TSMC...

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