Taiwan Semiconductor Manufacturing Company reported fourth-quarter revenue slipped 1.5% from a year ago to $19.8 billion, while net income dropped 19.3% from a year ago to $7.5 billion. The chipmaker's revenue and profit came in above analysts' expectations for the quarter. TSMC counts Apple and Nvidia among its biggest clients. It produces the most advanced processors found in Apple's iPhones. TSMC said that macroeconomic headwinds weighed on consumer sentiment and market demand in 2023, but it believes demand for its 3nm and 5nm chips from applications like AI will help drive growth.