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Chipmaker TSMC lifts sales guidance as AI boom continues
(Sharecast News) - Apple and Nvidia supplier TSMC lifted its sales guidance for the full year on Thursday as demand for its chips continues to be supported by the ongoing AI boom. The company, officially knowns as Taiwan Semiconductor Manufacturing Co, reported a 36% jump in second-quarter net income 247.9bn New Taiwan dollars (NT$), well ahead of the NT$235.1bn expected by the market.
Revenues in the second quarter were up 40.1% at $20.82bn, rising 13.6% quarter-on-quarter on the back of 28% growth in its high-performance computing segment.
TSMC is now guiding to revenue growth this year of slightly above the mid-20% range, up from the low- to mid-20% guidance previously.
"Our business in the second quarter was supported by strong demand for our industry-leading 3nm and 5nm technologies, partially offset by continued smartphone seasonality," said senior VP and chief financial officer Wendell Huang.
"Moving into third quarter 2024, we expect our business to be supported by strong smartphone and AI-related demand for our leading-edge process technologies."
Shares have been under pressure this week on the back of speculation that government restrictions in the US, where the company generated 66% of its sales in the second quarter, could heighten following the elections.
Meanwhile, Donald Trump said that Taiwan should pay the US for its protection against China, risking damaging relationships between the two countries.
Despite the positive results, shares were down a further 2.4% in Taipei at NT$1,005, though still remain up around 70% over the year-to-date.
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