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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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BOJ Board Member Advocates for Gradual Approach to Rate Hikes



Bank of Japan (BOJ) Board Member Seiji Adachi emphasized the importance of a gradual approach to raising interest rates, reinforcing market expectations that the BOJ is unlikely to make any significant moves during its upcoming policy meeting at the end of October.

In a speech to business leaders in Kagawa, Adachi stressed that interest rates should be increased "extremely gradually" while keeping financial conditions accommodative until inflation trends consistently reach the BOJ’s 2% target. He highlighted the risks of moving too quickly, which could potentially push the economy back into deflation.

Adachi’s remarks come as Prime Minister Shigeru Ishiba has voiced support for monetary easing, further bolstering the view that the BOJ will hold off on significant hikes until at least January. Data expected later this week is likely to show consumer inflation slowing to 2.3% in September, the slowest pace since April, but still marking the 30th consecutive month at or above the BOJ’s 2% target.

Although the yen briefly gained following Adachi's comments, the currency’s movement was later reversed as traders unwound long positions, according to Hideki Shibata, senior strategist at Tokai Tokyo Intelligence Lab Co.

Adachi’s caution suggests that the BOJ is carefully balancing the need for policy normalization against the risk of hampering economic recovery with overly aggressive rate hikes.

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