Taiwan Semiconductor Manufacturing Co. trimmed its outlook for 2023 revenue, sending a warning to investors that the global electronics slump may persist for some time despite a boom in AI development.

The main chipmaker for Apple Inc. and Nvidia Corp. projected a 10% fall in sales this year, versus a previous guidance for a single-digit decline. It also projected sales of $16.7 billion to $17.5 billion this quarter, weaker versus expectations. The company reaffirmed that 2023 capital expenditure should come in toward the lower end of a previously forecast range of $32 billion to $36 billion.