Taiwan Semiconductor Manufacturing Company, the world’s largest chipmaker, has further raised its growth outlook on the back of an artificial intelligence boom and a broad-based recovery in other sectors, defying market jitters over the current industry upcycle’s longevity.
“We continue to observe extremely robust AI-related demand,” CC Wei, chair and chief executive, told investors on Thursday, adding that TSMC expected revenue to grow nearly 30 per cent this year.
The bullish guidance came as the Taiwan-based company reported a 54 per cent year-on-year jump in net profit to NT$325.3bn (US$10.1bn) for the third quarter, exceeding its forecast from three months ago.
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