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Warren Buffett, the sixth richest man on the planet and historically a tech averse stock investor, has bought around $5 billion worth of Taiwan Semiconductor Manufacturing Co shares. According to an SEC filing, Buffet’s investment vehicle Berkshire Hathaway said it bought around 60.1 million of the chip contract maker’s American depository shares in the calendar third quarter.
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The news sent shares in TSMC soaring, closing up 7.9% in Taiwan on Tuesday, as it boosted investor sentiment for the world's largest contract chipmaker, which saw its shares hit a two-year low last month due to a sharp slowdown in global chip demand.
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As the world's biggest contract chip manufacturer, TSMC is still reporting high levels of growth, with revenues beating its own estimates in its most recent trading results for Q3, growing 10% year-on-year to NT$613.14 billion ($20.23 billion).