TSMC second-quarter profit jumps 23%, beating estimates, on high-end chip boom

Taiwan Semiconductor Manufacturing Company (TSMC) has announced a remarkable 23.4% increase in its second-quarter profits, outperforming market expectations as it continues its streak of record-breaking financial results. The world's leading contract chipmaker reported that its net income for the quarter ending in June reached an unprecedented high for the fifth consecutive time. Revenue for TSMC soared to NT$1.27 trillion, representing a staggering 36% rise compared to NT$933.79 billion during the same quarter last year. The company revealed that advanced technologies, specifically chips with a 7-nanometer process and smaller, made up 77% of its total wafer revenue. This impressive financial performance is bolstered by strong sales in June, which were disclosed earlier this week. TSMC's stock has seen an increase of over 58% this year alone, with shares climbing 1.23% on Thursday. The surge in profits comes as the company benefits from heightened demand for AI chips produced for major global technology firms such as Nvidia, Apple, and Broadcom, further solidifying its position as Asia's most valuable company.