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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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Hong Kong to Deepen Role as Offshore Yuan Trading Hub

Hong Kong is set to further enhance its position as a key offshore yuan trading center by establishing a central clearing system for yuan-denominated bond repurchase transactions and improving liquidity in the Chinese currency, as announced by Chief Executive John Lee in his annual policy address on Wednesday.

The city, already the world’s largest offshore renminbi hub, aims to contribute to the internationalization of the yuan by enhancing mutual market access and further integrating its financial system with China's. These measures build upon earlier efforts to deepen financial links between Hong Kong and China.

The currency-related initiatives come as part of broader efforts to support Hong Kong’s real estate sector and boost local spending amid China’s economic slowdown, which has been weighing on the city's economy.

According to Lynn Song, chief economist for Greater China at ING Bank, these steps represent progress in a "long process" to develop the infrastructure necessary for offshore yuan trading.

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