Taiwan Semiconductor’s July sales surge nearly 45% amid AI chip demand

Taiwan Semiconductor Manufacturing’s (NYSE:TSM) revenue for July jumped 44.7% year-over-year to about NT$256.95B amid growing demand for artificial intelligence chips for use in AI products.

TSM — which produces chips for some of the world’s largest tech companies including Apple (AAPL), Nvidia (NVDA) and AMD (AMD) — saw a month-over-month increase of 23.6%, as it had generated revenue of NT$207.87B in June.

Revenue for the seven months, January through July 2024, amounted to NT$1.523T, surging 30.5% compared to the same period in 2023.

TSM’s second quarter results had surpassed estimates and third quarter revenue outlook was seen above estimates, amid a surge in demand for chips used for AI products. For the third quarter, the company expects its business to be helped by strong smartphone and AI-related demand for its leading-edge process technologies.