Public stock market data

TSMC's July Revenue Soars 44.7% to $7.94B on AI Chip Demand

Aug 9, 2024, 07:57 AM

Taiwan Semiconductor Manufacturing Company (TSMC) reported a significant increase in revenue for July 2024, driven by strong demand for artificial intelligence (AI) chips. The company's revenue rose 44.7% year-on-year to a record NT$256.95 billion (approximately $7.94 billion), marking a 23.6% increase from June 2024. This growth surpasses TSMC's previous single-month revenue record of NT$243.20 billion set in October 2023. The year-to-date revenue from January to July 2024 also showed a substantial rise of 30.5% year-on-year, reaching NT$1.52 trillion. Major clients such as Apple, Intel, Nvidia, Qualcomm, and MediaTek contributed to this surge in demand. TSMC's performance is seen as a positive indicator for related companies like Nvidia, which relies heavily on TSMC for chip supply. TSMC's revenue growth also showed a 3% increase premarket.