TSMC's stock price hit a record high, and the chipmaker's earlier quarterly results exceeded expectations and raised the 2024 revenue growth target, 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 increase by around 30% this year, which is well above the previous forecast of a maximum increase of around 15%. Earlier, TSMC reported better-than-expected net profit for the September quarter. TSMC expects capital expenditure of around US$30 billion in 2024, with further growth in 2025. TSMC's ADR rose 9.8% in New York, hitting its highest level since its launch in the US in October 1997. Meanwhile, Nvidia shares rose less than 1%. Infineon Technologies is rising along with its sector peers in Europe. TSMC's upward outlook should help dispel investors' concerns about misjudging the demand for artificial intelligence and semiconductors.

TSMC's stock price hit a record high, and the chipmaker's earlier quarterly results exceeded expectations and raised the 2024 revenue growth target, 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 increase by around 30% this year, which is well above the previous forecast of a maximum increase of around 15%. Earlier, TSMC reported better-than-expected net profit for the September quarter. TSMC expects capital expenditure of around US$30 billion in 2024, with further growth in 2025. TSMC's ADR rose 9.8% in New York, hitting its highest level since its launch in the US in October 1997. Meanwhile, Nvidia shares rose less than 1%. Infineon Technologies is rising along with its sector peers in Europe. TSMC's upward outlook should help dispel investors' concerns about misjudging the demand for artificial intelligence and semiconductors.