TSMC had already announced a $28 billion capex budget for the year so the spending is in line with expectations.

“TSMC is working closely with our customers to address their needs in a sustainable manner,” says the company statement.

It has also said that, as from 2022, it will not reduce wafer prices for a year.

Bloomberg reports that TSMC CEO C.C. Wei told customers that the company’s fabs have been “running at over 100% utilisation over the past 12 months,” but demand still outpaced supply.

Wei pointed to thousands  of new hires and multiple fabs being built.

He said that TSMC will suspend wafer price reductions for a year from the start of 2022.