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TSMC shares climb as Q2 sales beat expectations amid AI boom

2024.07.10 04:26

TSMC shares climb as Q2 sales beat expectations amid AI boom

Shares in Taiwan Semiconductor Manufacturing (TSM) rose Wednesday after the world’s largest chipmaker saw its second-quarter sales grow as the AI boom continues, driving global investment in data centers.

TSMC, the exclusive supplier of Nvidia (NASDAQ:) and Apple’s (NASDAQ:) most advanced chips, reported June revenue of NT$207.9 billion. This contributed to a 40% growth in the June quarter, reaching NT$673.5 billion, exceeding the average projection of a 35.5% increase.

The company’s US-listed shares climbed 1.7% in premarket trading.

Orders for AI chips have helped offset weak smartphone sales, which are beginning to recover.

TSMC and other AI-related stocks in Taiwan have driven the Taiex Index up by more than 40% over the past year, even amid ongoing US-China geopolitical tensions surrounding the island.

In the US, the chipmaker’s shares surged more than 77%, outperforming the broader market.



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