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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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Capital A Aims to Exit PN17 Status by December, Sooner Than Expected


Capital A Bhd, the holding company of low-cost carrier AirAsia, annouced on Tuesday that it is confident of exiting its Practice Note 17 (PN17) status by December 2024, earlier than the previous target of mid-2025. CEO Tan Sri Tony Fernandes shared the update following the company’s successful shareholder approval for the disposal of its aviation business to AirAsia X Bhd (AAX).

The next step in the process is the approval from AAX shareholders, with an extraordinary general meeting scheduled for Wednesday. If approved, Capital A will move into positive equity and submit its regularisation plan to Bursa Malaysia.

Fernandes highlighted the market’s positive reaction to the disposal, with Capital A’s shares rising 46% since the announcement in April. The deal involves AAX acquiring Capital A’s aviation business for RM6.8 billion, with Capital A receiving RM3 billion in AAX shares and AAX assuming RM3.83 billion in debt from the aviation business.

At Tuesday’s noon break, Capital A’s stock remained unchanged at 92.5 sen, giving the company a market value of RM3.97 billion.

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