TSMC displayed on a phone screen and electronic chip and is visible in this illustrative photo taken in Krakow, Poland, July 19, 2023.
Jakub Porzycki | Nuphoto | Getty Images
Taiwan Semiconductor Manufacturing Co. (TMSC)reported a rise in monthly revenue in March, benefiting from the continued boom in artificial intelligence powered by high-end chips.
TSMC said March revenue was 195.2 billion new Taiwan dollars ($6.1 billion), up 34.3 percent year-on-year, representing the fastest pace of growth since November 2022.
The company’s first-quarter revenue was NT$592.6 billion, up 16.5 percent year-on-year.
TSMC is the world’s largest contract semiconductor manufacturer, making chips for technology companies. Apple has Nvidia.
The company is currently benefiting from the AI boom. Semiconductors, such as those designed by Nvidia, support the development of AI applications.
Competition has increased in the market. AMD launched a rival chip to Nvidia last year, while Intel On Tuesday, it unveiled its latest AI offering.
A number of startups are also developing AI chips, which TSMC makes for some companies.
TSMC shares are up just under 40% this year year to date, as investors bet on continued demand for AI chips.
In January, the company said its AI revenue was growing 50% on a year-over-year basis. Analysts expect TSMC to post a 23.7% rise in total revenue this year, according to LSEG consensus estimates, after a decline in 2023.
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