(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. lifted projections for 2024 revenue growth after quarterly results beat estimates, reflecting its...
-- Taiwan Semiconductor Manufacturing Co. lifted projections for 2024 revenue growth after quarterly results beat estimates, reflecting its confidence in the longevity of the global AI spending boom.The chipmaker for Apple Inc. and Nvidia Corp. now expects sales to grow more than the maximum mid-20% it had guided toward previously. For the current quarter, TSMC forecasts revenue of as much as $23.2 billion, above analysts’ projections.
The world’s largest maker of advanced chips has been one of the beneficiaries of a global race to secure semiconductors to power artificial intelligence. Its shares have more than doubled since the AI boom took off in late 2022, following the debut of OpenAI’s ChatGPT, and hit a series of all-time highs as the firm’s market capitalization briefly crossed the $1 trillion mark.
Separately, the Biden administration is considering invoking its most severe trade restrictions on some suppliers to Chinese chip firms, Bloomberg News reported triggering a global tech stock selloff as investors pondered the fallout for the world’s largest semiconductor arena. “The AI trade is under increasing scrutiny,” Goldman Sachs strategists Ryan Hammond and David Kostin said in a note this week.The uncertainty that plagues life in crisis-ridden Venezuela is also wreaking havoc on relationships
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