Asia
TSMC Hikes Revenue Outlook to Reflect Heated AI Demand
- Chipmaker sees capex at high end of outlook after profit beat
- TSMC is one of the firms at the heart of an AI spending boom
This article is for subscribers only.
Taiwan Semiconductor Manufacturing Co. lifted projections for 2024 revenue growth after quarterly results beat estimates, reflecting its confidence in the longevity of the global AI spending boom.
The chipmaker for Apple Inc. and Nvidia Corp. now expects sales to grow more than the maximum mid-20% it had guided toward previously. For the current quarter, TSMC forecasts revenue of as much as $23.2 billion, above analysts’ projections. And it narrowed its forecast for capital spending to the high end of its outlook to $30 billion to $32 billion, from as low as $28 billion previously.