Will TSMC's $40 Billion Spending Plan Wreck Intel's Turnaround?

Taiwan Semiconductor Manufacturing (NYSE: TSM), popularly known as TSMC, laid out an ambitious capital spending plan for 2022 in a bid to shore up its manufacturing capacity and meet the booming demand for chips. TSMC has a capital expenditure (capex) budget of $40 billion to $44 billion for this year, which points toward a huge increase over its 2021 capital spending of $30 billion. What's more, TSMC's 2022 capital expenses are way higher than Intel's (NASDAQ: INTC) estimated outlay of $25 billion to $28 billion for this year.