Taiwan Semiconductor Manufacturing Co’s (TSMC) board has approved US$2.89 billion in spending to increase capacity, the company said on Thursday, responding to a global chip shortage that has affected carmakers in particular.In a brief statement, the world’s largest contract chip maker said its board had approved the spending “for the purpose of installing mature technology capacity”. It did not elaborate.TSMC founder Morris Chang says China’s semiconductor industry still five years behind…



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