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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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European Airlines Push Back Against Growing Chinese Competition

Air-France KLM and Deutsche Lufthansa AG are urging their respective governments to take action against the rising number of flights from Chinese carriers to Europe, which they argue creates unfair competition. Air-France KLM is lobbying the French government to cap the number of Chinese flights, while Lufthansa is pushing for Germany to challenge Beijing over the perceived distorted rivalry.

Chinese airlines have gained a competitive edge by flying over Russian airspace, saving time and offering cheaper fares, while European airlines are unable to do the same due to restrictions following Russia's invasion of Ukraine. Lufthansa plans to cut its Frankfurt-Beijing flights by the end of this month, citing unprofitability from using older, fuel-inefficient jets on the route.

The competition has been further fueled by Chinese government subsidies, with the three largest Chinese airlines receiving 111.1 billion yuan (US$15.7 billion) in grants. By the end of this year, Chinese airlines will dominate 75% of seat capacity on flights between China and Europe’s major hubs, with an even greater share on flights to Italy and the UK.

European carriers have been slower to restore flights to China post-pandemic, leading to a surge in Chinese flights offering competitive airfares. Air-France KLM and Lufthansa have yet to comment publicly on the lobbying efforts, while calls for EU action continue to grow in response to China's increasing influence on Europe’s air travel market.

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