TSMC posts fastest monthly revenue growth since 2022 on AI chip boom

[Pelican Press 0]

TSMC posts fastest monthly revenue growth since 2022 on AI chip *****

TSMC displayed on a phone screen and microchip and are seen in this illustration photo taken in Krakow, Poland on July 19, 2023

Jakub Porzycki | Nurphoto | Getty Images

Taiwan Semiconductor Manufacturing Co. (TMSC), posted a surge in monthly revenue in March, as it cashed in on a continuing artificial intelligence ***** powered by high-end chips.

TSMC said March revenue came in at 195.2 billion new Taiwan dollars ($6.1 billion), up 34.3% year-on-year — marking the fastest pace of growth since November 2022.

The company’s first-quarter revenue totaled 592.6 billon new Taiwan dollars, up 16.5% year-on-year.

TSMC is the world’s largest contract semiconductor manufacturer, which makes chips for companies from Apple to Nvidia.

The company is currently riding the AI *****. Semiconductors, such as those designed by Nvidia, have been underpinning the development of AI applications.

Competition has been rising in the market. AMD launched a rival chip to Nvidia last year, while Intel on Tuesday took the wraps off its latest AI offering.

A number of startups are also developing AI chips, which TSMC manufactures for some companies.

TSMC shares are up just under 40% this year to date, as investors bet on the continued demand for AI chips.

In January, the company said that its AI revenue is growing 50% on an annual basis. Analysts expect TSMC to post a 23.7% rise in total revenue this year, according to LSEG consensus estimates, after a decline in 2023.

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