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TSMC hikes sales outlook as it rides wave of AI spending
The Straits Times
|July 19, 2024
Chipmaker beats estimates as Q2 revenue grows at the fastest pace since 2022
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Taiwan Semiconductor Manufacturing Company (TSMC) raised its projections for full-year revenue growth after results beat estimates, riding a global wave of spending on artificial intelligence (AI).
The chipmaker for Apple and Nvidia now expects sales to grow more than the maximum mid-20 per cent it had guided towards previously. TSMC expects revenue of as much as US$23.2 billion (S$31.1 billion) this quarter, above analysts’ projections. And it narrowed its forecast for capital spending – a key indicator of where TSMC sees future demand – to the high end of its original forecast, to US$30 billion to US$32 billion from as low as US$28 billion previously.
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