Taiwan Semiconductor Manufacturing Co., better known by its abbreviation TSMC, evacuated factory workers after a strong earthquake in Taiwan early Wednesday. However, all people were unharmed, CNBC reports citing information from the company. The interruption was only temporary; The evacuees returned to their workplaces that morning, US time, he said.
The tremors were so strong that they caused buildings to collapse. There were also tsunami warnings for Japan and the Philippines. At least four deaths have been officially confirmed.
TSMC is one of the most valuable companies in the world
TSMC is the largest company on the Taiwan stock index. The chipmaker reported sales equivalent to around €18.4 billion in the fourth quarter of 2023. TSMC currently has a market capitalization of $639.65 billion. This is equivalent to about 592 billion euros and almost three times the market value of SAP., Germany's most valuable company. The drop in TSMC's share price as a result of the earthquake was limited.
After an initial check, TSMC only recorded minor damage. However, the company decided to suspend work on its own construction projects for one day. A spokesperson told CNBC that work would resume after further review.
Taiwan's stock market was also affected
The Taiwan Stock Exchange Corporation reviewed its computer and network systems after the earthquake and was able to give the all clear: all systems were operating normally. Tremors were recorded even as far away as the capital, Taipei. The United States Geological Survey confirmed the strongest earthquake in Taiwan since 1999. Flight plans were altered as a result.
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