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
FractureLabs, a video-game developer, has filed a lawsuit against Jump Trading, one of the largest cryptocurrency market makers, accusing the firm of fraud and manipulation during the initial offering of its DIO token. According to the lawsuit, filed in US Federal Court in Chicago, Jump allegedly engaged in a "pump and dump" scheme that caused the token's price to collapse.
FractureLabs had planned to raise funds through the DIO token for its Decimated online game, retaining Jump as the market maker. As part of the agreement, FractureLabs loaned 10 million DIO tokens to a Jump subsidiary, while an additional 6 million DIO tokens were sent to the Huobi exchange (now HTX) for the token offering.
The token’s price briefly surged to $0.98, making Jump’s borrowed tokens worth nearly $9.8 million. However, the lawsuit claims that Jump liquidated its holdings, profiting millions while causing the token’s value to plummet to half a cent. After repurchasing the tokens at a heavily discounted price, Jump returned them to FractureLabs and subsequently canceled its agreement as market maker.
FractureLabs also claims that Jump failed to maintain the token's price within agreed parameters, resulting in HTX refusing to refund most of the $1.5 million deposit in Tether (USDT) paid by FractureLabs. The game developer has also filed arbitration against Huobi in Singapore.
Jump Trading has dismissed the allegations as "factually flawed and baseless" and plans to vigorously defend itself. HTX has declined to comment further, as it is not named as a defendant in the case.
This lawsuit adds to Jump’s already troubled history in the cryptocurrency space, which includes its involvement in the collapse of the TerraUSD stablecoin in 2022.
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