Taiwan Semiconductor Manufacturing Co (ADR) (NYSE:TSM) posted a 45% revenue increase in July as feared slowdown from the artificial intelligence sector singularly failed to materialise.
In fact, the performance represented an acceleration of growth compared with the previous quarter, driven by sustained AI demand.
TSMC reported sales of $7.9 billion for the month just gone Analysts expect its third-quarter revenue to rise 37% to $23.1 billion, with July's performance indicating the company may exceed these projections.
As a key supplier for Nvidia and Advanced Micro Devices, as well as the exclusive provider of processors for Apple’s iPhones, TSMC is closely watched as an indicator of AI demand. Recently, the company raised its full-year growth forecast beyond its initial mid-20% target.