Yahoo Finance TSMC beats forecasts, with help from AI
STORY: The AI boom continues to spell good news for the world’s tech firms.
Taiwan chips giant TSMC is the latest to say it’s benefiting from the demand for ChatGPT and the like.
On Thursday, the world’s largest contract chipmaker said profits rose a better-than-expected 9% over the first quarter.
That saw them hit almost $7 billion.
The surge in AI demand has helped it cope with waning sales of gadgets, which had seen a boom during lockdowns.
It’s a big supplier to companies including AI chip champion Nvidia.
Shares in the firm are up by more than a third this year on the back of all that.
It’s now Asia’s most valuable listed company.
Looking ahead, TSMC said it expected 2024 to be a year of healthy growth.
It’s spending heavily to expand output in Arizona, backed by financial support from Washington.
The upbeat outlook gave shares in tech stocks a boost around the region.
Japanese chip gear maker Advantest jumped over 5% to become the day’s top gainer on the Nikkei index.
