TSMC bullish on AI demand, forecasts 20% revenue growth this year

TAIPEI: Taiwanese chipmaker TSMC projected on Thursday more than 20% growth in 2024 revenue on booming demand for high-end chips used in artificial intelligence (AI) applications even as the broader industry deals with weak smartphone and electric vehicle sales.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker and a major Apple Inc and Nvidia supplier, said at an earnings conference that AI represented a major opportunity

“We are a key enabler for AI applications. So far today, everything you saw for AI comes from TSMC,” CEO C.C. Wei said at the conference, after the company reported a fourth quarter net profit that beat market expectations.