TSMC has shown strong results, indicating a persistent demand for AI chips.

2 min read | October 09, 2024 04:46 AM PDT | By Team Kalkine Media

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TSMC has shown strong results, indicating a persistent demand for AI chips. — Image source: Shutterstock

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Highlights:

Taiwan Semiconductor Manufacturing Co (TSMC) achieved a revenue increase of 39.6% year-on-year for September, totaling 251.87 billion new Taiwan dollars.
For the first nine months of 2024, TSMC's revenue surpassed NT$2 trillion, representing a growth of 31.9% compared to the same period in 2023.
Despite concerns over declining demand in the AI sector and the smartphone market, TSMC's performance indicates sustained demand for high-performance computing hardware.

Taiwan Semiconductor Manufacturing Co {NYSE:TSM}, recognized as the world’s leading chip manufacturer, reported impressive financial results for September, reflecting strong year-on-year growth. The company generated revenue of 251.87 billion new Taiwan dollars, equivalent to approximately £6 billion. This figure represents a substantial increase of 39.6% compared to September 2023.

Over the first nine months of 2024, TSMC's total revenue exceeded NT$2 trillion (around £47.5 billion), showcasing a 31.9% growth rate relative to the same timeframe in 2023. These results surpassed market forecasts, signaling a robust demand for high-performance computing hardware amidst concerns regarding a potential slowdown in artificial intelligence-driven demand.

As the primary manufacturing partner for major tech firms such as Nvidia, Apple, and Meta, TSMC has been closely monitored for signs of market saturation, particularly given the sluggish global smartphone market. This context has led to a slight downward revision in Taiwan's overall economic growth forecasts as of August. However, an official from the Directorate-General of Budget, Accounting and Statistics emphasized a sustained overall positive outlook, despite uncertainties surrounding the AI sector, including the unclear timelines for the launch of high-end products and the anticipated growth trajectory in AI.

The strong performance of TSMC is underscored by a nearly 90% increase in share price year-to-date, reflecting investor confidence in the company's ability to navigate market challenges while maintaining substantial revenue growth. This trajectory positions TSMC favorably as it continues to adapt to the evolving technological landscape.

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