TSMC third-quarter profit seen jumping 40% on strong AI chip demand
TAIPEI - Taiwan Semiconductor Manufacturing Co, the main producer of advanced chips used in artificial intelligence applications, is expected to report a 40% leap in third-quarter profit on Thursday thanks to soaring demand.
TSMC is spending billions building new factories overseas, including $65 billion on three plants in the U.S. state of Arizona, though it says most manufacturing will remain in Taiwan. The AI boom has helped drive up the price of shares in Asia's most valuable company, with TSMC's Taipei-listed stock soaring 77% so far this year, compared with a 28% gain for the broader market.
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