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TSMC Becomes First Asian Company to Reach $1 Trillion Market Cap Amid Record Growth in Q2
Jul 20, 2024, 07:30 PM
Taiwan Semiconductor Manufacturing Company (TSMC) has achieved a significant milestone by becoming the first Asian company to reach a market capitalization of $1 trillion. This historic achievement is driven by the surging demand for artificial intelligence (AI) technology and high-performance computing (HPC). In Q2, TSMC reported a 40% year-over-year revenue increase, with its HPC group, which includes AI and server chips, accounting for 52% of wafer revenue. The company's earnings exceeded expectations, highlighting its role as a barometer for genAI infrastructure demand. Despite the record growth forecasts, TSMC has decided to reject a US joint venture, maintaining its current plans for overseas factories, including those in Arizona. Top clients like Apple and Nvidia have contributed to TSMC's growth.
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