TSMC reports sixth straight quarter of record profit thanks to AI boom

Business Recorder reported that TSMC, the world's biggest producer of advanced AI processors, recorded a run of six straight quarters of record profit on Thursday. Analysts quoted in the report said demand for its AI chip capacity and its CoWoS packaging service remains robust. The Taiwanese firm, a major supplier to Nvidia and Apple, now carries a market value of about $2 trillion, nearly twice that of Samsung Electronics.

Net profit for July to September reached T$763.1 billion, or $23.59 billion, a 69 per cent jump on the same period last year, beating the T$746.3 billion LSEG SmartEstimate that draws on 16 analysts. It was the company's highest quarterly income on record and its 11th straight quarter of profit growth, while revenue for the third quarter, reported last week, had risen 50 per cent year on year. The call, set for 0600 GMT, is drawing attention as investors fear more US Federal Reserve rate increases could weigh on artificial intelligence equities tied to borrowing costs.

Shares listed in Taipei fell 2 per cent on Thursday ahead of the release, while the wider market index dropped 3.4 per cent. Even so, the stock is up 57 per cent this year, in line with a 62 per cent gain in the broader Taiwanese market.