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.
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.
