Taiwan Semiconductor Manufacturing Company (TSMC) reported a record net profit of $10.1 billion in Q3, fueled by surging demand for AI-related technologies and strong smartphone sales.
TSMC chairman CC Wei highlighted that the third quarter's success stemmed from strong demand for the company's advanced three and five nanometre technologies, with an expectation of continued growth.
Despite TSMC's impressive quarterly performance, market concerns arose after ASML announced lower sales forecasts, leading to a 16 percent drop in its shares, reflecting industry volatility.
Amid geopolitical tensions between the US and China, TSMC is diversifying its production internationally, with plans for new fabrication plants in Arizona set to begin operations by 2025.
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