FMP
Jul 10, 2024 9:05 PM - Davit Kirakosyan(Last modified: Jul 11, 2024 2:55 AM)
Image credit: FMP
Shares of Taiwan Semiconductor Manufacturing (NYSE:TSM) rose more than 3% on Wednesday following the company's announcement of increased second-quarter sales, driven by the ongoing AI boom and global investment in data centers.
TSMC, the sole supplier of Nvidia's and Apple's most advanced chips, reported June revenue of NT$207.9 billion. This contributed to a 40% growth in the June quarter, surpassing the average projection of a 35.5% increase.
The surge in orders for AI chips has helped mitigate weak smartphone sales, which are starting to recover. TSMC and other AI-related stocks have significantly boosted Taiwan's Taiex Index by more than 40% over the past year, despite ongoing US-China geopolitical tensions.
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