:max_bytes(150000):strip_icc()/GettyImages-2161751093-63a58e1c660b429fb0127b5d1070e272.jpg "TSMC July Sales Jump 45%, Buoyed by Strong AI Chip Demand")
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KEY TAKEAWAYS
- Taiwan Semiconductor Manufacturing Co., the world’s largest contract chipmaker, said July revenue surged 45% year-over-year.
- Sales for the month reached 256.95 billion New Taiwanese dollars ($7.93 billion), while revenue between January and July soared 30.5%.
- The buoyant sales at TSMC, which supplies chips to Nvidia and Apple, shows demand for AI chips remains strong.
Taiwan Semiconductor Manufacturing Co. (TSM), the world’s largest contract chipmaker, said July revenue surged 45% year-over-year, showing buoyant demand for the chips that have helped power the artificial intelligence (AI) boom.
Sales for the month reached 256.95 billion New Taiwanese dollars ($7.93 billion), while revenue between January and July soared 30.5%.
TSMC last month reported second-quarter results that beat analysts’ estimates on booming AI demand and projected an up to 33% gain in third-quarter sales. TSMC supplies chips to both AI darling Nvidia (NVDA) and iPhone maker Apple (AAPL).
TSMC Is Beneficiary of CHIPS and Science Act
TSMC is a beneficiary of the CHIPS and Science Act aimed at bringing advanced production of chips to the U.S. The White House announced plans to award TSMC up to $6.6 billion in grants earlier this year, which the Taiwanese firm said would help it fund a third factory to its site in Arizona.
The news of the July revenue boost lifted TSMC’s American depositary receipts (ADRs), which gained 2% an hour before the opening bell Friday.