TSMC second-quarter profit seen jumping 30% on surging AI chip demand

TAIPEI: Taiwan Semiconductor Manufacturing Co, the main producer of advanced chips used in artificial intelligence applications, is expected to report a 30% rise in second-quarter profit on Thursday thanks to soaring demand.

The world’s largest contract chipmaker, whose customers include Apple and Nvidia, has benefited from a surge towards AI that has pushed TSMC’s stock – and the broader Taiwan market – to record highs. Last week, its American Depositary Receipts topped a trillion dollar market value.