Nov. 15 (UPI) — Shares of Taiwan Semiconductor Manufacturing Company closed up more than 10% Tuesday after it was revealed Warren Buffett bought in big on the company.
Warren Buffett’s company Berkshire Hathaway purchased $4.1 billion in shares of the world’s largest computer microchip manufacturer between July and September, according to a filing with the U.S. Securities and Exchange Commission.
After the disclosure was made public, shares in the company increased by 7.87% on the Taiwan Stock Exchange and closed at $80.46 in the United States, a 10.52% increase. In Taiwan, it was the 12th biggest change on the market Tuesday.
“TSMC welcomes all investors with the propensity to buy and hold TSMC’s stock,” a spokesperson for the company said.
TSMC manufactures about 55% of the world’s microchips and 90% of the super-advanced microchips on the market. They are used in high-speed processing systems in products from some of the biggest tech giants, including Apple. Its biggest competitor, Samsung, makes about 10% of microchips and is preparing to increase its manufacturing capacity with its new facility in Texas.
Berkshire Hathaway also disclosed that it has increased its stake in the media and entertainment world, purchasing 91 million shares of Paramount Global. The media company’s stock closed at $19.44, increasing by 5.14% on Tuesday. The shares were purchased in May. This makes Berkshire the largest outside investor in the company’s class B shares, which have limited voting rates compared to class A shares.