TSMC leads chipmaker plunge as trade resumes after typhoon pause [Video]

Taiwanese giant TSMC tumbled with several other leading chip makers Friday as traders returned from a typhoon-imposed two-day break to play catch-up with a global tech rout.

Equities across the world tumbled after disappointing earnings from “Magnificent Seven” titans Alphabet and Tesla fuelled worries about the tech sector, which has driven a surge in markets and pushed all three main indexes on Wall Street to multiple record highs.

The rally, sparked by a frenzy to snap up firms linked to artificial intelligence, has led to speculation that valuations are far too high and a correction could be round the corner if reports from other heavyweights such as Apple and Amazon also fall short.

Taiwan Semiconductor Manufacturing Company controls more than half the world’s output of silicon wafers — considered the lifeblood of the global economy — that are used to power anything from smartphones and cars to missile launch pads …