TSMC raised its revenue outlook for 2024 to reflect stronger than expected demand for chips used in artificial intelligence applications. The company reported quarterly profits that beat analyst estimates, with revenue growing to a record high. ASML's increase in second-quarter order bookings indicates robust progress in TSMC's N2 development, which is set to begin mass production in late 2025 at a price higher than its N3 process. AI-related chips now make up over 50% of TSMC's revenue, the first time a single application has comprised over half of total sales.
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00:00It's Benzinga, and here's what's on the block.
00:02TSMC raised its revenue outlook for 2024 to reflect stronger than expected demand for
00:07chips used in artificial intelligence applications.
00:11The company reported quarterly profits that beat analysts' estimates, with revenue growing
00:14to a record high.
00:16ASML's increase in second-quarter order bookings indicates robust progress in TSMC's N2 development,
00:22which is set to begin mass production in late 2025 at a higher price than N3 process.
00:28AI-related chips now make up over 50 percent of TSMC's revenue, the first time a single
00:33application has comprised over half of total sales.
00:36For all things money, visit Benzinga.com.