Taipei, Aug. 12 -- Taiwan Semiconductor Manufacturing Co. (TSMC) approved a capital budget of about USD 29.44 billion for expansion amid the ongoing artificial intelligence boom, according to a news report by Focus Taiwan.

In a statement, the world's largest contract chipmaker said a two-day board meeting that concluded Tuesday approved capital appropriations "to meet long-term capacity plans based on market demand forecasts and the company's technology development roadmap".

According to TSMC, the capital appropriation plan aims to meet a range of requirements such as installing advanced technology capacity and constructing fabs.

As per the news report, the approval followed an investor conference held in mid-July, where TSMC raised it...