TSMC Shares Reach Record High After AI Boom Brightens Forecast
- The chipmaker boosts its target for 2024 revenue growth
- Net income soared 54% in better-than-expected results
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Taiwan Semiconductor Manufacturing Co. shares hit a record high after the chipmaker topped quarterly estimates and raised its target for 2024 revenue growth, allaying concerns about global chip demand and the sustainability of an AI hardware boom.
The company — the main chip manufacturer for Nvidia Corp. and Apple Inc. — now expects sales to climb roughly 30% in US dollar terms this year, up from previous projections for an increase in the mid-20% range. That’s after TSMC reported better-than-predicted earnings for the September quarter. And it foresees capital expenditure rising in 2025 from roughly $30 billion this year.