TSMC's ADRs Were Better Than Feared

The results were much better than feared. You could see the pricing actually grew 11%, even though way for shipments were down 15%. So compared TSMC's gross margin versus microns. Microns was a worse quarter in the history of the company, negative 31% in the case of TSMC. And they didn't cut capex ahead of the earnings. There was speculation they were going to cut their capex. They reaffirmed the capex for this year.