TSMC bullish on AI demand, forecasts 20pc revenue growth

TAIPEI, Jan 18 (Reuters): Taiwanese chipmaker TSMC projected on Thursday more than 20 per cent growth in 2024 revenue on booming demand for high-end chips used in artificial intelligence (AI) applications even as the broader industry deals with weak smartphone and electric vehicle sales.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), opens new tab, , the world's largest contract chipmaker and a major Apple Inc, opens new tab and Nvidia, opens new tab supplier, said at an earnings conference that AI represented a major opportunity

"We are a key enabler for AI applications. So far today, everything you saw for AI comes from TSMC," CEO Wei said at the conference, after the company reported a fourth quarter net profit that beat market expectations.

For advanced packaging, demand was very strong and TSMC can't offer enough capacity to support customers.