Renowned chip supplier TSMC posted better-than-expected first-quarter earnings.

TSMC posted better-than-expected first-quarter net income on the back of robust global chip demand. TSMC's earnings per share also increased year-over-year. However, sales and net income declined quarter-on-quarter, indicating a slowdown in semiconductor demand amid a deteriorating global economic environment. TSMC expects demand to slow in the first half of 2023, but demand is likely to pick up in the second half of the year with increased use of artificial intelligence. TSMC is trying to move production outside of Taiwan due to political risks. Berkshire Hathaway bought shares in TSMC, but then sold most of its stake, fearing a deterioration in relations between Taiwan and China.