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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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Wall St Halts Rally as Nvidia, ASML Lead Semiconductor Selloff

U.S. stocks took a hit on Tuesday, with the S&P 500 dropping nearly 1% and the Nasdaq 100 slipping 1.4%, as semiconductor firms faced a sharp selloff. ASML Holding NV led the decline, with its U.S.-traded shares plunging 16% after the company cut its 2025 guidance. Additionally, Nvidia Corp sank 4.5% on concerns over U.S. government discussions about capping sales of AI chips to certain countries.

This downturn came after a strong rally, with investors turning more bullish. A Bank of America survey indicated that allocations to equities surged, while cash levels in portfolios dropped, triggering a "sell signal" according to strategists. Some analysts believe the market has become overbought, prompting profit-taking as earnings season kicks into high gear.

Despite solid earnings reports from Bank of America and Goldman Sachs, concerns over stretched valuations and uncertainties surrounding fiscal and monetary policy continue to weigh on sentiment. The Dow Jones dropped 0.8%, while UnitedHealth Group Inc sank 8.1% on a weak outlook.

Treasury yields on 10-year bonds fell to 4.03%, while the U.S. dollar strengthened. Oil prices also plunged, adding to the cautious tone in the markets. However, some strategists remain optimistic, with Goldman Sachs forecasting that U.S. stocks could extend their rally, pushing the S&P 500 beyond 6,000 by year-end.

Concerns over the Federal Reserve's rate cuts, upcoming election outcomes, and global geopolitical risks continue to create uncertainty for investors as they navigate the remainder of the year.

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