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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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Nokia Joins Ericsson in Noting Signs of Recovery Amid Mixed Results

Nokia reported a 9% rise in third-quarter operating profit, driven by cost cuts, but missed net sales expectations due to weak demand from India, leading to an 8% drop in sales to €4.33 billion ($4.70 billion), below analyst estimates of €4.76 billion. This caused Nokia's shares to fall by 3%.

Despite the sales drop, Nokia, like rival Ericsson, noted signs of recovery in some areas, particularly in North America, which has shown growth after years of weakness. However, Nokia's market share in the region has declined due to the loss of contracts with Verizon and AT&T. CEO Pekka Lundmark stated that while growth is returning, it is slower than expected, and the telecom sector is unlikely to become a high-growth market again.

Nokia is focusing on sectors like data centers and defense for future growth, including its $2.3 billion acquisition of Infinera to target data center operators. The company also expects India to recover in 2024, following a recent contract win with Vodafone Idea and potential deals with Bharti Airtel.

Nokia maintained its full-year profit outlook of €2.3 billion to €2.9 billion, though it is tracking towards the lower end of that range.

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