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TSMC(TWSE: 2330, NYSE: TSM), the world's largest contract chipmaker, reported strong second-quarter revenue growth on July 10, exceeding market expectations. The surge was driven by booming demand for artificial intelligence (AI) applications. 

Source: TSMC

The company reported a 33% growth in June revenue compared to the same month last year. This resulted in a 32% year-on-year growth for the April-June period, reaching T$673.51 billion ($20.67 billion), surpassing the LSEG SmartEstimate, drawn from 21 analysts, of T$654.27 billion. Revenue for January through June 2024 totaled NT$1,266.15 billion, an increase of 28.0 percent compared to the same period in 2023.

TSMC's customers, including Apple and Nvidia, have benefited from the AI boom. This has helped the company weather the tapering off of pandemic-led demand and pushed TSMC's share price to a record high.

The company will release its second-quarter earnings on July 18, giving an update on its outlook and plans for the rest of the year. Analysts anticipate a 30% year-on-year increase in net profit for the quarter.

TSMC's Taipei-listed shares closed up 0.5% on Wednesday, in line with the broader market. The shares have risen 76% this year, outperforming the broader market's 34% gain. TSMC's ADRs hit a record high of $192.79 on Monday, briefly pushing the firm's market value to $1 trillion.

Editor：Lulu

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