Taiwan Semiconductor Manufacturing Co Ltd, a major Apple and Nvidia supplier, posted a second-quarter profit that beat market expectations.
Taiwan's TSMC, the world's largest contract chipmaker, forecast its revenue in the current quarter will increase by as much as 34%, driven by robust demand for semiconductors used in artificial intelligence.
The bellwether for the chip industry has benefited from a surge in adoption of AI that has helped it weather the tapering off of pandemic-led electronics demand.
TSMC's April-June net profit climbed to 247.8 billion Taiwan dollars from 181.8 billion Taiwan dollars a year earlier. The profit beat a 238.8 billion Taiwan dollars estimate for the quarter ended June 30.
Moving into the third quarter of 2024, TSMC expect their business to be supported by strong smartphone and AI-related demand for their leading-edge process technologies.
Capital expenditure in the second quarter was USD 6.36 billion, TSMC said, compared with USD 5.77 billion in the first quarter.
TSMC's Taipei-listed shares have been battered for the past two days after comments by the Republican candidate for the US presidency, Donald Trump, that Taiwan "did take about 100% of our chip business" and should pay the US for its defence.
Will the impressive earnings send TSMC stock back level or continue the correction following yesterday's bearish move? Let's see tonight! Anyway, for long term, I remain optimistic for $Taiwan Semiconductor Manufacturing(TSM)$
How about you? Do you think the correction will continue or end?
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Sorry! I can't answer this question.