CEO of Taiwan Semiconductor Manufacturing Company (TSMC), Morris Chang has raised forecast for chip market growth in 2010.

Speaking at a shareholders meeting on June 15, Chang said the global semiconductor market is expected to grow 30% in 2010.

Chang previously predicted the overall chip market would rise 22% in 2010, which was already an upward revision from his earlier estimate of 18% growth.

Chang also upwardly revised its CAGR projection for the overall chip industry from 2011 to 2016. He now expects the global semiconductor market to grow with a CAGR of 7% over the next five years, higher than 4-6% that was earlier estimated.

Chang reiterated TSMC's consolidated revenues for 2010 will likely hit an all-time high, resetting the record of NT$333.16 billion (US$10.3 billion) in 2008. It also stands a chance of hitting record profits in 2010, Chang added.

Chang did not make changes to TSMC's capex plan for 2010. The budget remains at US$4.8 billion.

By: DocMemory
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