TSMC's net profit surges 77% in Q2, setting a new record

Taiwan-based TSMC, the world's largest chipmaker, reported a 77% increase in net profit for the second quarter of 2024 compared to the same period last year, achieving its highest quarterly net profit ever. The strong performance was driven by rising demand for artificial intelligence applications, particularly chips used in data centers and advanced processors, which boosted the company's revenue and profitability. The financial results exceeded market analysts' expectations, highlighting the momentum created by AI-driven growth in the semiconductor industry. TSMC's record profit is seen alongside signs of recovery in the global chip market, and the company expects continued demand in AI and high-performance computing areas. This is not investment advice.