TSCM chairman and CEO Morris Chang said he believes the global semiconductor industry is likely to recover to the 2008 level in 2011. Chang is more optimistic than a couple of months ago, in June he predicted a full recovery might not be seen until 2012.
TSMC's recent purchases of machinery equipment do indicate that the chip industry is recovering. But Chang pointed out that the industry is improving from a rapid fall in the second half of 2008, and many sectors have yet to see their shipments return to the 2008 levels.
TSMC maintains its negative growth prediction of the overall semiconductor market for 2009, said Chang. At the company's last investors conference Chang revised upward the estimate to negative 17%.