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Re:TSMC warns over deepening slump in chipmaking sector by cheriot on Friday July 21, 2023 @03:29PM (#36818394)
In addition to inventories like other commenters mention, remember this is a capital intensive business. When chip makers collectively add more capacity than is needed, prices drop (ie revenue drops).

It could also be "normalizing" demand as people shift spending from goods to services.

The possibility space is much larger than global recession.

Re:TSMC warns over deepening slump in chipmaking sector by cs702 on Friday July 21, 2023 @04:05PM (#36818934)
I hope you're right. Keep in mind: TSMC is entrenched in a lot of markets, and a 10% drop is larger than anyone -- including the company -- was expecting.

Sometime ago I recall seeing that changes in TSMC's revenues are pretty highly correlated with measures of global economic activity such as changes in Apple's revenues and changes in global GDP.