TSMC hikes sales outlook as it rides wave of AI spending

Chipmaker beats estimates as Q2 revenue grows at the fastest pace since 2022

- 

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.