TSMC sees sharp Q1 profit growth as AI drives chip demand

Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chipmaker, reported a 60% surge in first-quarter net profit on Thursday, surpassing analysts’ expectations.

The strong performance was driven by skyrocketing demand for semiconductors powering artificial intelligence technologies, News.Az reports, citing Reuters. 

Taiwan Semiconductor Manufacturing Co, whose customers include Apple and Nvidia, saw January-March net profit rise to T$361.6 billion ($11.12 billion) from T$225.5 billion a year earlier.

The profit beat a T$354.6 billion LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.

($1 = 32.5060 Taiwan dollars)

News.Az