COOs Mark Liu and C.C. Wei are viewed as the most likely replacements for Chang, who had already announced plans to retire next year. R&D chief Chian Shang-yi was also viewed as a candidate before announcing plans to retire on Oct. 31.
TSMC closed above $19 for the first time since May today, a day after beating Q3 estimates and guiding for a ~10% Q/Q revenue drop. HSBC has upgraded the world's top foundry to Overweight, noting the Q4 guidance is above some estimates for a mid-teens decline, and that a Q/Q drop in consumer revenue was expected thanks to declining Xbox One/PS4 CPU orders from AMD.