KUALA LUMPUR, Aug 3 (Bernama) -- Bursa Malaysia ended marginally higher on Monday supported by late buying in selected large-cap stocks amid improving investor sentiment, despite lingering geopolitical uncertainties, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.83 of a point to 1,725.73 from last Friday’s close of 1,724.90. The benchmark index opened 0.36 of a point higher at 1,725.26, and moved between 1,719.47 and 1,729.72 throughout the day. However, the broader market was negative with losers outpacing gainers 609 to 490, while 573 counters were unchanged, 1,058 untraded and 20 suspended. Turnover shrank to 2.73 billion units valued at RM2.33 billion from 3.10 billion units valued at RM3.57 billion last Friday.
Taiwan Semiconductor Manufacturing Co (TSMC) reported a better-than-expected 39% increase in quarterly revenue, easing concerns that demand for artificial intelligence (AI) hardware is tapering off. The chipmaker posted September-quarter sales of NT$759.7 billion (US$23.6 billion or RM101.1 billion), surpassing analysts' projections of NT$748 billion. Full results will be disclosed next Thursday.
%20with%20a%20backdrop%20of%20advanced%20semiconductor%20chips%20and%20AI-related%20imagery.%20The%20.webp)
As the primary chip supplier for Nvidia Corp and Apple Inc, TSMC has seen its sales more than double since 2020, driven by the rise in AI development, especially following the launch of ChatGPT. TSMC's market value briefly surpassed US$1 trillion in July, reflecting optimism about the ongoing demand for AI chips.
Despite skepticism from some investors about the sustainability of AI infrastructure spending by companies like Meta and Google, TSMC remains optimistic, with high-performance computing now accounting for more than half of its revenue. The company lifted its 2024 revenue outlook earlier this year, expecting AI spending to stay robust despite US-China trade tensions.
While there are concerns about delays in Nvidia’s Blackwell chips, Foxconn, a key assembly partner for Nvidia, reaffirmed this week that demand for AI hardware remains strong. Foxconn Chairman Young Liu stated that server production capacity is set to increase to meet "crazy" demand for next-generation AI chips, echoing Nvidia CEO Jensen Huang's recent remarks.
TSMC’s continued dominance in high-performance computing and its exclusive manufacturing of the iPhone processor further solidifies its position, although analysts have raised concerns over weaker-than-expected demand for the new iPhone 16.
Comments
Post a Comment