AFP – Chip giant TSMC announced yesterday a bigger-than-expected increase in net profit for the third quarter of 2024, buoyed by strong demand for smartphones and artificial intelligence (AI) technology.
TSMC controls more than half the world’s output of chips used in everything from Apple’s iPhones to Nvidia’s cutting-edge AI hardware.
Tech stocks took a hit this week as Dutch tech giant ASML, which supplies chip-making machines to the semiconductor industry, unveiled a cut to its 2025 guidance and a disappointing slump in sales bookings.
Fuelling the falls were reports that United States President Joe Biden’s administration was considering a cap on exports of advanced AI chips to some countries.
TSMC said net profit in the three months to September hit USD10.1 billion, up 54.2 per cent from the same period last year.
Revenues in the period grew 36 per cent on-year to USD23.5 billion, the firm said in a statement.
“In the third quarter, revenue increased 12.8 per cent quarter over-quarter, as our business was supported by strong smartphone and AI-related demand for our industry leading 3nm and 5nm technologies,” the company said in a statement.
