TSMC reports record profit amid AI chip demand surge

Taiwan Semiconductor Manufacturing Co (TSMC) announced a record-breaking quarterly profit on Thursday, driven by surging demand for chips used in artificial intelligence processing.

The world's largest contract chipmaker, whose customers include Apple and Nvidia, posted a 57% jump in net income to T$374.68 billion ($11.4 billion) for the quarter ended Dec. 31, a record high for any quarter and in line with estimates, News.Az reports, citing Reuters.

Revenue for the quarter climbed 39% from the same period a year earlier.

The AI boom has helped drive up the price of shares in Asia's most valuable company, with TSMC's Taipei-listed stock soaring 81% last year, compared with a 28.5% gain for the broader market.

The stock closed up 3.8% on Thursday ahead of the earnings call.

News.Az