TSMC Cuts Capital Spending 10% in a Warning for Tech Sector

TSMC and its peers are grappling with Washington’s sweeping restrictions on doing business with China, which are sending shock waves through the global semiconductor industry. Applied Materials Inc., a leading producer of chip-making equipment, slashed its forecast for the fourth quarter, while Intel Corp. is said to be preparing to fire thousands. Shares in European gear maker ASML Holding NV, whose top customer is TSMC, fell as much as 3% Thursday.