We aren't supposed to say the R-word but that's what we keep finding in big ways and small.

#recession #inflation #deflation #taiwan #semiconductor #apple 
Taiwan Semiconductor reported pretty awful results blaming the global macroeconomic environment, specifically singling out inventory bloat as well as China's failed reopening. The effects aren't being limited to that side of the Pacific; the spillover is already affecting projects in the United States. We aren't supposed to say "recession" yet that's what we keep finding in big ways and small. 

Eurodollar University's Money & Macro Analysis

Reuters: TSMC sending more workers to speed up building of new Arizona plant
https://www.reuters.com/technology/tsmc-sending-more-workers-speed-up-building-new-arizona-plant-2023-06-29/

CNBC: TSMC reports first profit drop in 4 years as electronics demand slump continues
https://www.cnbc.com/2023/07/20/tsmc-q2-earnings.html

FT: TSMC warns over deepening slump in chipmaking sector
https://www.ft.com/content/f433971d-fd8e-4ed3-91e9-e25a96284ea0

CNBC: Apple supplier TSMC delays start of Arizona chip factory
https://www.cnbc.com/2023/07/20/tsmc-delays-start-of-arizona-chip-factory-that-will-build-apple-chips.html

CNBC: Apple reports better-than-expected quarter driven by iPhone sales
https://www.cnbc.com/2023/05/04/apple-aapl-earnings-report-q2-2023.html

Canalys: Recovery in sight after global smartphone market declined by 11% in Q2 2023
https://www.canalys.com/newsroom/global-smartphone-market-q2-2023

Canalys: Worldwide smartphone shipments fall for fourth consecutive quarter, leaving market down 12% in 2022 
https://www.canalys.com/newsroom/global-smartphone-market-2022

LATimes: Supply of homes for sale in U.S. hits lowest level in more than two decades
https://www.latimes.com/business/story/2022-01-28/homes-for-sale-listings-decline

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