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
The World Bank is grappling with the difficult task of raising a record-breaking amount of funds to aid the world's poorest nations, according to Akihiko Nishio, vice-president of development finance. Several factors, including the strong US dollar and increasing funding demands from donors, are creating obstacles in meeting the bank's ambitious goals.
The appreciation of the US dollar has impacted donations, with currencies in many donor countries depreciating. As a result, some European nations may need to increase their contributions by 20% just to maintain inflation-adjusted donation levels. Additionally, donor funds are being stretched thin due to aid for Ukraine, support for refugees, and rising global food prices.
World Bank President Ajay Banga set the target of raising a record amount of donations for the International Development Association (IDA), the bank’s unit responsible for providing low-interest loans and grants to the world’s 75 poorest countries. The IDA previously raised US$93 billion in 2021, but will need to mobilize at least US$105 billion this time to maintain the value of replenishment in real terms.
Nishio emphasized the urgency of this task, as the poorest economies are currently in worse condition than before the Covid-19 pandemic, with many of the world’s 26 poorest nations burdened by higher debt levels than at any time since 2006.
The World Bank's efforts will culminate in a formal appeal to donors at its annual meetings next week in Washington, with final donation figures expected in Seoul in December. The bank is also seeking stronger financial commitments from Gulf Cooperation Council (GCC) countries and Latin American nations like Brazil, Colombia, and Chile.
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