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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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IndiGo, India’s Largest Airline, Secures Approval for Venture Capital Fund

IndiGo, operated by InterGlobe Aviation Ltd, has received the green light from India’s market regulator to launch a venture capital fund aimed at supporting the country's aviation and travel industry. The fund, named IndiGo Ventures, is expected to begin investing by the end of the financial year ending March 31, 2025.

IndiGo’s venture fund will target pre-series A, series A, and series B funding rounds for consumer-focused startups in sectors related to aviation, travel, lifestyle, hospitality, and food and beverages. The airline has already started engaging with selected startups but has not disclosed further details. Neetan Chopra, IndiGo’s Chief Digital and Information Officer, emphasized that the fund will leverage IndiGo’s technical expertise and extensive market reach to help startups develop new products and services.

IndiGo, which holds a 63% market share in India’s domestic aviation sector, hopes that these investments will foster growth in the broader travel industry, benefiting the airline in the process. As the airline expands its offerings, including its IndiGoStretch premium product, and plans for international long-haul flights with an order of 30 Airbus A350-900 planes, it continues to cement its dominance amid increasing competition.

The airline reported a net income of 27.3 billion rupees ($326 million) for the three months ending June 30, 2024.

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