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
Former President Donald Trump recently discussed his economic policies and plans during an interview with Bloomberg at the Economic Club of Chicago. He defended his proposal for higher tariffs on foreign imports, claiming they would stimulate the US economy by bringing manufacturing back to the country. Trump also expressed the need for more influence over the Federal Reserve's monetary decisions, though he did not specifically say whether he would attempt to remove Fed Chair Jerome Powell if re-elected.
Trump's plans include imposing substantial tariffs on China and other nations, arguing that they would protect American industries. He also dismissed concerns over the potential economic impact, such as inflation or supply chain disruptions, while asserting that his leadership would generate loyalty among allies. Trump continued to argue that tariffs would be an effective tool for growth and that his immigration policies would balance the labor market.
Moreover, Trump highlighted that he remains focused on a broader deregulatory and tax-cutting agenda. He acknowledged potential economic challenges but expressed confidence in his approach. Additionally, he reiterated opposition to the sale of US Steel Corp. to Japan's Nippon Steel Corp., citing national security concerns.
Trump’s remarks underscore his focus on economic growth through protectionist policies and his criticism of current regulatory measures. The discussion also reflected his broader campaign strategies for the 2024 election, particularly in relation to economic and foreign policy issues.
source: Bloomberg
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