Chip maker Taiwan Semiconductor (NYSE:TSM) can tell you that ransomware is a serious problem for businesses these days. And it can tell you from experience as it recently came in contact with a ransomware group. However, Taiwan Semiconductor is up fractionally in Friday afternoon’s trading because that wasn’t all it had on its plate.
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Taiwan Semiconductor elaborated, noting that it came under fire from a ransomware group that was connected to Russia. However, the fire in question was something of a glancing blow; the actual target was Kinmax Technology, which is one of Taiwan Semiconductor’s suppliers. The data breach that followed did land some vital information from Taiwan Semiconductor, a TechCrunch report noted; specifically, it landed information about “…server initial setup and configuration.”.
However, that wasn’t all that happened to Taiwan Semiconductor recently. In fact, it announced that it’s sending a set of workers from Taiwan to Arizona, where a new plant with a $40 billion price tag is being established. Taiwan Semiconductor looks for the transplanted workers to help provide a “…fast ramp up,” noted a Reuters report. With the plant set to come online by 2026, it’s easy to wonder if Taiwan Semiconductor is jumping the gun a bit, but every little bit helps.
Data breach aside, analysts are all in on Taiwan Semiconductor stock. It’s considered a Strong Buy with five Buy ratings. Further, TSM stock carries 19.86% upside potential with it thanks to its average price target of $121.67 per share.
