TSMC is trading 3% down at $394.44 amid a sharp pullback in semiconductor stocks following reports of a major China chipmaking equipment breakthrough.
- The broader semiconductor sector is seeing a sell-off as investors take profits following a powerful AI-driven rally and reassess valuation and competitive risks.
- The decline comes despite a fresh price-target hike from Needham, which cited strong AI wafer demand and robust recent earnings as key growth drivers.