Intel Corp (INTC)

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With revenue declining so much, it will have to rethink its process investment and delay those till there is demand for all that capacity and technology.

TSMC grew its revenue by 10.6% in 2015 and is forecasting a growth rate range of 5-10% in 2016.

Given the current macroeconomic environment, we now estimate that 2015 growth rate of world semiconductor to be about 2% year-on-year and 2016 growth rate of world's foundries to be about 5% year-on-year and TMSC’s growth rate is expected to be between 5% and 10%.

http://seekingalpha.com/article/3810036-taiwan-semiconductor-manufacturing-companys-tsm-ceo-mark-liu-on-q4-2015-results-earnings-call-transcript?part=single

EDIT: I should add that the WORST thing for a company like TSMC, or Intel, or any other one with very solid financial results to do in "downturns" is to cut back investment. Macro problems eventually pass, and you want to be strong and ready to rake in the $$$.

This is one thing I respected Otellini for greatly...during the recession, they did not cut back on process development or product development. They simply took 45nm nanometer capacity offline and moved it to 32nm so that by the time the recession passed, they would be cranking out millions of units of fresh 32nm product.

This strategy worked brilliantly, as you can see in Intel's 2010/2011 results.