TSMC's Record Revenue Surge Fueled by AI Chip Boom

Taiwan chipmaker TSMC reported a 16.5% rise in first-quarter revenue, reaching $18.54 billion, surpassing market expectations and its own guidance, driven by increased demand for artificial intelligence applications. The company, whose clients include Apple and Nvidia, has benefited from the AI trend, offsetting the decline in pandemic-related demand. TSMC's stock has reached a record high, and it is expected to report a 4% rise in first-quarter net profit.