TSMC traded higher amidst surging in AI demand

Microchip maker Taiwan Semiconductor Manufacturing Company (NYSE:TSMC) saw its New York listed shares trade higher, after it reported a 40% year-over-year increase in revenue for the second quarter of 2024.

It attributed this surge in growth to the continuing rise in demand for its artificial intelligence (AI) chips.

TSMC had revenue of US$20.7 billion (NT$673.51 billion) for the quarter, comfortably ahead of market forecasts of NT$ 652.05 billion.

The company noted that the boom in AI technologies has been a key driver of its recent success, offsetting a slowdown in demand in other sectors of the semiconductor industry, such as consumer electronics and automobiles.

It is core manufacturer, with a significant market share supplying chips and components for the likes of Nvidia and Apple.