The reason for the drop

$Taiwan Semiconductor(TSM.US)$ Growth in Two Major Industries Doubled
TSMC reportedly talked about growth prospects for the two markets in the future, but gave a disappointing outlook to the market after the first quarter's earnings announcement. Overnight futures on Taiwanese stocks have also risen by more than 40 points from the opening trade and have now fallen by more than 120 points 📉
First, with regard to the automotive market, TSMC last said that it could grow throughout the year; but now it is correcting the view and anticipating a recession this year!
As part of the global Wafer Substitute Industry's output value, TSMC has previously stated that TSMC's annual revenue growth rate will be 20% higher than the global Wafer Substitute Industry average. This time, however, he believes that the production value of the wafer-based industry will grow by 10% this year, compared to last year's estimate.