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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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Oil Prices Stabilize Amid Middle East Tensions and Demand Concerns

 

Oil prices steadied on Wednesday after a sharp decline in the previous session, supported by OPEC+ supply cuts and persistent uncertainty over the conflict in the Middle East. Brent crude rose by 0.3% to $74.47 per barrel, while US West Texas Intermediate climbed 0.4% to $70.86. The market remains cautious as fears of a potential escalation involving Israel and Iran-backed Hezbollah continue, despite earlier reports that eased concerns about direct strikes on Iran's oil infrastructure.

OPEC+ supply curbs are expected to continue supporting the market until December, though analysts predict that 2025 could be better supplied, potentially putting downward pressure on oil prices.

On the demand side, both the Organization of the Petroleum Exporting Countries and the International Energy Agency have cut their 2024 oil demand growth forecasts, with China contributing significantly to these downgrades. Despite ongoing economic stimulus in China, oil prices have seen limited support from these measures.

The market is also anticipating the latest US oil inventory data, with analysts expecting an increase in crude stockpiles by about 1.8 million barrels for the week ending Oct 11.

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