Taiwan Semiconductor Manufacturing Co (TSMC) said its board has approved $2.89 billion in spending to increase capacity.
The world’s largest contract chipmaker said its board had approved the spending for the purpose of installing mature technology capacity.
TSMC this month said that it plans to invest $100 billion over the next three years to increase capacity at its plants, days after Intel announced a $20 billion plan to expand its capacity.
TSMC’s clients include Apple and Qualcomm. TSMC earlier said it is working to increase productivity and alleviate the worldwide shortage but that supply tightness is likely to continue into next year.