Three People Detained for Alleged Theft of Technology Trade Secrets from Taiwan Semiconductor Manufacturing (TSM)

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the top most profitable NYSE stocks to buy now. On August 5, Reuters reported that Taiwanese authorities detained three people for the alleged theft of technology trade secrets from Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), according to statements by Taiwanese prosecutors released on Tuesday.

The Taiwan High Prosecutors Office said in a statement that this occurred after Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported that an internal investigation caught former and current employees illegally obtaining information from the company. According to the prosecutor office, two other people had been released on bail, while one more had been released.

Earlier on Tuesday, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) announced the launch of legal proceedings and disciplinary action against employees who were potentially involved in the leak of trade secrets after it detected unauthorized activities during routine monitoring.

The company stated that its “comprehensive and robust monitoring mechanisms” allowed it to catch the issue early, resulting in internal investigations and measures against the personnel involved.

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the largest contract semiconductor manufacturer in the world. Some of its prominent customers include semiconductor companies that outsource all or part of their chip production, including Advanced Micro Devices, Nvidia, Broadcom, and more.

While we acknowledge the potential of TSM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.