Sony Group shares rose sharply after it announced plans to establish an image-sensor joint venture with Taiwan Semiconductor Manufacturing Co. Shares were recently 9.8% higher at 3,420 yen, equivalent to $21.

By Kosaku Narioka Sony Group shares rose sharply after it announced plans to establish an image-sensor joint venture with Taiwan Semiconductor Manufacturing Co. and projected stronger fiscal-year net profit on higher game earnings. Shares were recently 9.8% higher at 3,420 yen, equivalent to $21.83, in Tokyo on Monday after rising as much as 12% earlier. The Japanese entertainment and electronics company said after Friday's market close that it plans to set up a joint venture with TSMC to develop and produce next-generation image sensors. Sony aims to limit capital expenditure with the move as it prepares for greater demand for "eyes" for machines in the age of artificial intelligence. The company expects to be the majority and controlling shareholder of the venture. Chief Executive Hiroki Totoki said at a briefing that Sony's ability to supply image sensors has been constrained by its manufacturing capacity and that the company wants to be ready for future demand. Earlier Friday, Sony forecast a 12.5% jump in net profit to Y1.160 trillion for the year that began in April, thanks in part to higher earnings from its game business. The company projected operating profit for the business to climb 30% to Y600 billion, driven by stronger sales of in-house game software titles. Write to Kosaku Narioka at [email protected] (END) Dow Jones Newswires 05-10-26 2233ET

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