Taiwan Semiconductor Manufacturing Co. posted a better-than-projected 54% rise in quarterly earnings after strong sales of Nvidia Corp. AI chips offset a sagging mobile industry.
Christine Tan, portfolio manager at SLGI Asset Management, joins BNN Bloomberg to share her take on the latest corporate stories and her investment st
TSMC’s outlook should help tamp down concerns that investors misjudged AI and semiconductor demand. Those fears crystallized after chip industry linchpin ASML Holding NV stunned markets by reporting about half the orders investors had expected. On Thursday, TSMC Chief Executive Officer C. C. Wei sought to dispel those doubts.
TSMC’s shares have surged more than 70% this year, outpacing many of Asia’s biggest tech firms in a reflection of strong sales of the Nvidia chips vital to artificial intelligence development.Taiwan’s largest company had raised its outlook for 2024 revenue just a few months ago in July, underscoring expectations for spending on AI infrastructure from the likes of Microsoft Corp. and Amazon.com Inc.
The world’s largest maker of advanced chips has been one of the biggest beneficiaries of a global race to develop artificial intelligence. Its shares have more than doubled since that boom took off in late 2022 with the debut of OpenAI’s ChatGPT. TSMC’s market capitalization briefly crossed the $1 trillion mark in the US.
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