TSMC is still likely to show about 15% growth in 2012, not bad for an IC market expected to increase at a low single-digit rate.
Interesting to note that, because of the way TSMC defines its "capacity," the company ran at a 102% utilization rate in 2Q12! There may be a lot of speculation about Apple using TSMC as a foundry in the future but at this point, TSMC doesn't have much capacity to allocate to Apple.
We've only just ended one inventory correction cycle and it turns out that in Q2 and Q3 inventory was and will be going back up!
Hence the necessity for a "correction" in Q4/Q1.
Meanwhile at the leading-edge node Qualcomm can't get enough chips!
That's the semiconductor market for you.