Shares of Taiwan Semiconductor Manufacturing Co. dropped as much as 3.7% after a filing showed Warren Buffett’s Berkshire Hathaway Inc. slashed its stake in the chip giant.

The Omaha-based conglomerate cut its holdings of TSMC’s American depositary receipts by 86% last quarter to 8.29 million, valued at $617.7 million, according to the latest 13F filing.

Shares of the world’s largest chip foundry jumped in Taipei in November after news that Buffett had acquired a stake worth about $5 billion. The purchase was seen as a sign that the legendary investor thought the stock had bottomed after a selloff of more than $250 billion.

Concerns remain over the outlook for the semiconductor industry, however, as investors brace for a global economic slowdown. TSMC last month announced plans to lower spending and signaled this quarter could mark its first revenue drop in four years.

  - Bloomberg