TSMC Surpasses Q4 Expectations, Eyes AI Demand for Continued Growth

Taiwan Semiconductor Manufacturing Company (TSMC) exceeded profit and revenue expectations in the fourth quarter despite a 1.5% revenue dip and a 19.3% net income drop from a year ago. The company's CEO acknowledged the challenging year for the global semiconductor industry due to macroeconomic conditions and an inventory adjustment cycle, but expressed optimism for 2024, citing strong ramp-up of industry-leading technologies and robust AI-related demand. TSMC expects first-quarter revenue to range between $18 billion and $18.8 billion, while also preparing for the mass production of 2-nanometer chips by 2025.