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TAIPEI - TSMC said on Thursday it plans to invest $100 billion over the next three to increase capacity at its chipmaking plants, days after Intel Corp announced a $20 billion plan to expand its advanced chip manufacturing capacity.

Taiwan Semiconductor Manufacturing Co Ltd is the world's largest contract chip manufacturer with clients including Apple Inc and Qualcomm Inc.

"We are entering a period of higher growth as the multiyear megatrends of 5G and high-performance computing are expected to fuel strong demand for our semiconductor technologies in the next several years," the company said in a statement to Reuters.

"In addition, the COVID-19 pandemic also accelerates digitalization in every aspect," it said.