RTTNews | Jun 8, 2021 01:45PM EDT

13:44 Tuesday, June 8, 2021 (RTTNews.com) - Taiwan Semiconductor Manufacturing Company (TSM) is down 3% on Tuesday despite no stock-related news from the company.

The drop in stock price can be attributed to the spread of Covid-19 into Taiwan's electronics factories, which can hurt the semiconductor manufacturing industry in the country, thus further worsening the global chip shortage.

The growing requirement of 5G chipsets and the work-from-home condition around the world is hyping the demand for chipsets, benefiting the Taipei-based firm. Taiwan Semiconductor Manufacturing Company Ltd. is the largest chip supplier for Apple Inc. (AAPL).

The stock is trading at $115.46 in the morning, down 2.32% or $2.74 from $118.22 at the bell on Monday. On Tuesday, the shares opened at $117.55 and in the 52-week period, the shares have ranged between $54.52 and $142.20.

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