On July 17, global technology and semiconductor stocks sold off sharply despite Taiwan Semiconductor Manufacturing Company reporting exceptional quarterly results and raising its growth outlook. The Nasdaq Composite fell 1.47% to 25,885.47, the S&P 500 slipped 0.50% to 7,534.62, and the Dow Jones Industrial Average declined 0.21% to 52,549.51. TSMC posted a record net profit of T$706.6 billion ($21.99 billion), up 77% year-on-year and above analyst expectations, and lifted its 2026 revenue growth guidance to slightly above 40%. It also unveiled a new $100 billion plan to expand Arizona fabs, but its U.S.-listed shares dropped 2.7% amid concerns over soaring AI infrastructure spending.

Prepared by Christopher Adams and reviewed by editorial team.