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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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Crescendo to Acquire SGR Land and Johor Land Purchase Agreements in RM169 Million Deal

 

Crescendo Corporation Bhd has announced plans to acquire SGR Land Development Sdn Bhd and assume its six land purchase agreements in Johor for a total of RM168.85 million. Crescendo will pay RM10.79 million for a 100% stake in SGR Land from owners Ong Soon Liong, Ong Soon Chong, and Lok Kok Lee, with the remaining RM158.06 million covering the land purchase obligations.

The acquired land spans 135.03 acres and is strategically located with access to key infrastructure such as the Second Link to Singapore, Port of Tanjung Pelepas, North-South Expressway, and Senai International Airport. The location is ideal for the development of industrial properties, which Crescendo anticipates will benefit from expected investment and tax incentives within the Johor-Singapore Special Economic Zone.

SGR Land had previously signed six sale-and-purchase agreements for the land at prices ranging from RM26.50 to RM40 per square foot. These transactions are expected to be completed by the second quarter of 2025 and will be funded through Crescendo’s cash reserves, which stood at RM238.42 million as of July.

Crescendo's shares remained unchanged at RM1.53, with a market capitalization of RM1.28 billion as of Wednesday afternoon. This acquisition positions Crescendo to take advantage of growing demand for industrial land in the region.

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