[TSMC's increased revenue forecast shows confidence in the AI boom TSMC raised its 2024 revenue growth target. The quarterly results announced earlier exceeded expectations, which helped ease concerns about global chip demand and the sustainability of the AI hardware boom. TSMC, which makes chips for Nvidia and Apple, now expects sales to grow 30% this year, well above the previous forecast of a maximum increase of around 15%. Earlier, TSMC reported net profit for the September quarter of NT$325.3 billion, an increase of 54%, which was better than expected. This is higher than the average estimate of NT$299.3 billion. TSMC expects capital expenditure to be slightly higher than US$30 billion in 2024, in line with previous expectations. TSMC's upward outlook should help dispel investors' concerns about misjudging the need for artificial intelligence AI. TSMC's stock price has soared more than 70% this year, outperforming many of Asia's largest technology companies, reflecting strong sales of Nvidia chips, which are critical to the development of AI.

[TSMC's increased revenue forecast shows confidence in the AI boom TSMC raised its 2024 revenue growth target. The quarterly results announced earlier exceeded expectations, which helped ease concerns about global chip demand and the sustainability of the AI hardware boom. TSMC, which makes chips for Nvidia and Apple, now expects sales to grow 30% this year, well above the previous forecast of a maximum increase of around 15%. Earlier, TSMC reported net profit for the September quarter of NT$325.3 billion, an increase of 54%, which was better than expected. This is higher than the average estimate of NT$299.3 billion. TSMC expects capital expenditure to be slightly higher than US$30 billion in 2024, in line with previous expectations. TSMC's upward outlook should help dispel investors' concerns about misjudging the need for artificial intelligence AI. TSMC's stock price has soared more than 70% this year, outperforming many of Asia's largest technology companies, reflecting strong sales of Nvidia chips, which are critical to the development of AI.