Taiwan Semiconductor Manufacturing Company (TSMC), the largest contract chipmaker globally, saw its shares rise by over 2% to a peak of T$1,065 each as trading commenced on Thursday, marking a new all-time high.
The surge was spurred by second-quarter revenue surpassing market expectations due to robust demand for artificial intelligence (AI) applications. Year-to-date, TSMC’s shares listed in Taipei have surged by 80%.
In the April-June period, TSMC’s revenue reached T$673.51 billion ($20.67 billion), exceeding the T$654.27 billion SmartEstimate derived from 21 analysts by Reuters. Consequently, the benchmark Taiwan SE weighted Index .TWII opened 1% higher.
The company reported a consolidated revenue of approximately NT$207.87 billion for June 2024, a 9.5% drop from May 2024, but a substantial 32.9% increase from June 2023. Cumulatively, revenues for January through June 2024 amounted to NT$1,266.15 billion, reflecting a 28.0% uptick compared to the same period in 2023.
TSMC is set to announce its second-quarter earnings on July 18.
