"TSMC Surpasses Q1 Profit Forecasts with Strong AI Chip Demand"

Taiwanese chipmaker TSMC reported a 9% increase in first-quarter net profit, surpassing market expectations, as demand for semiconductors used in artificial intelligence applications surged. The company's net profit rose to T$225.5 billion ($6.98 billion) from T$206.9 billion a year earlier, beating the T$218.1 billion LSEG SmartEstimate. TSMC's first-quarter revenue also exceeded expectations, reaching $18.87 billion, and its capital expenditure for the quarter was $5.77 billion. The company will provide updates on its outlook for the current quarter and the rest of the year on an earnings call.