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TSMC Posts 54% Profit Surge in 3Q, Boosted by AI Chip Demand and Optimistic on Future Growth

Taiwan Semiconductor Manufacturing Co (TSMC) , the world’s largest contract chipmaker, reported a 54% jump in quarterly profit , surpassing forecasts, thanks to soaring demand for AI-related chips . This robust performance underscores TSMC’s dominance in producing advanced chips for AI applications, with key customers like Apple and Nvidia . TSMC's net profit for 3Q2024 reached T$325.3 billion (US$10.11 billion) , exceeding the T$300.2 billion forecasted by analysts. The company's revenue rose 36% year-on-year to US$23.5 billion , driven by strong demand for smartphone and AI chips utilizing its cutting-edge 3nm and 5nm technologies . The AI boom has been a major growth driver, with AI processors expected to account for a mid-teens percentage of TSMC's overall revenue for 2024. TSMC's capital spending for the current quarter is set to more than double to US$11.5 billion , and it expects capital expenditure to increase further in 2025 as demand remains robust. Chai
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Bitcoin Surges Above $66,000 as Kamala Harris Pledges Support for Digital Currency Regulation


Bitcoin soared to a two-week high of $66,479 on Monday, driven by gains in the cryptocurrency market and comments from U.S. Vice President Kamala Harris supporting the establishment of a regulatory framework for digital currencies. Alongside Bitcoin, Ethereum also rose by 6%, approaching its previous highs. Other major cryptocurrencies followed suit, with all top 10 coins recording gains.

Harris's support for digital asset regulation is seen as a positive shift, especially for groups like African Americans, where over 20% have invested in cryptocurrency. Her proposal would ensure protections for these investors. This commitment from Harris contrasts with the Biden administration’s stricter stance on digital assets, marking a key moment in the lead-up to the 2024 U.S. presidential election.

The market also reacted to former President Trump’s courting of cryptocurrency voters, adding further momentum to the cryptocurrency rally. With election-related predictions fluctuating, analysts believe the political backdrop is a significant driver of the crypto surge.

In addition to political developments, the delay in Mt. Gox’s creditor repayment deadline to October 31, 2025 eased concerns about a potential selloff of bitcoins, further stabilizing the market.

On the stock side, crypto-related equities saw notable gains, with CleanSpark surging over 12%, MARA Holdings rising 5.6%, and Coinbase increasing by 11%. The double-leveraged Bitcoin ETF also saw a significant jump of around 9%.

Historically, October has been a strong month for Bitcoin, with an average increase of 20% over the last decade, and market insiders believe the current momentum could extend through the second half of the month.

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