AI chips pushing up stock market

AI chip demand helps TSMC beat Q1 revenue and profit forecast

TSMC stands as the world’s foremost producer of sophisticated processors, boasting clientele that includes industry giants like Nvidia and Apple

Unprecedented demand for AI chips is being led by the proliferation of large language models such as ChatGPT and Chinese equivalents.

Taiwan Semiconductor Manufacturing Company (TSMC) on Thursday 17th April 2024 beat revenue and profit expectations in the Q1. Strong demand for advanced microchips, especially those used in AI tech.

TSMC’s first-quarter results

  • Net revenue: 592.64 billion New Taiwan dollars ($18.87 billion), vs. NT$582.94 billion
  • Net income: NT$225.49 billion, vs. NT$213.59 billion

TSMC announced that its net revenue has increased by 16.5% from the previous year to NT$592.64 billion, and its net income has risen by 8.9% to NT$225.49 billion. The company has forecasted its revenue for the first quarter to be in the range of $18 billion to $18.8 billion.

As the world’s largest producer of advanced processors, TSMC serves high-profile clients including Nvidia and Apple.

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