Bloomberg: TSMC's earnings beat even the company's wildest expectations - all thanks to AI chips

The excitement around AI, as well as chips for its development and use, continues to grow - as indicated by a myriad of factors, including the impressive financial results of Taiwanese company TSMC.

Here's What We Know

TSMC is the largest supplier of semiconductors that are critical to AI development. The company's biggest customers include MediaTek, Huawei, AMD, NVIDIA, Qualcomm, ARM Holdings, Apple, Marvell Technology, Intel and others.

The huge demand for chips has led to rapid growth in TSMC's revenues, which have surpassed even the company's own forecasts.

According to the financial report, a full printout of which will be released on 10 October, revenue for last quarter was NT$759.7 billion (US$23.6 billion), although analysts had expected a profit of NT$748 billion.

Following the preliminary financial report, the Taiwanese company's shares rose 0.4 per cent, while NVIDIA shares rose 1.1 per cent.

TSMC management is confident that demand for chips for AI will increase, as this technology has just begun its development and is still far from perfect, and this process is not hampered by difficult relations between the U.S. and China.

Source: Bloomberg