The Taiwanese semiconductor company controls more than half of global chip production used in everything from Apple's iPhones to Nvidia's cutting-edge artificial intelligence hardware. Technology stocks suffered this week as Dutch tech giant ASML, which supplies chip-making machinery to the semiconductor industry, cut its 2025 forecast and reported a disappointing drop in sales bookings.
Reports that US President Joe Biden's administration is considering limiting exports of advanced artificial intelligence chips to some countries contributed to the decline.
TSMC - which is listed in Taipei and New York - said net profit in the three months to September reached 325.26 billion Taiwan dollars (US$10.1 billion), up 54.2 percent from the same period last year.
"Revenue for the period rose 36% year-on-year to US$23.5 billion. In the third quarter, revenue increased 12.8% quarter-over-quarter as our business was supported by strong demand for smartphones and related artificial intelligence our leading in the 3nm and 5nm technology industries," the company said.
Taiwan's largest company raised its 2024 revenue forecast in July, highlighting expectations of sustained spending on AI infrastructure by companies such as Microsoft and Amazon. | BGNES
