TSMC's Stellar Performance Sparks Market Rally

In a remarkable turn of events, Taiwan Semiconductor Manufacturing Company (TSMC) witnessed its US-based stocks climb by 4% this Thursday. This surge comes on the heels of the company's announcement that it has surpassed first-quarter earnings forecasts, a feat attributed to the skyrocketing demand for artificial intelligence chips.

Record-Breaking Net Profit

TSMC reported a staggering 60.3% year-over-year increase in net profit, reaching $11.1 billion. This figure not only highlights the company's robust financial health but also exceeds analyst predictions, which had pegged the net profit at $10.9 billion.

Steady Growth Amid Expansion

Despite announcing an additional $100 billion investment in US operations last month, TSMC remains steadfast in its mid-20% growth forecast for the year. This ambitious goal, initially set in January, underscores the company's confidence in its strategic direction and market position.

The Taiwan-based tech giant's shares were trading at $158.80 each by 4:24 am ET, marking a 4.70% increase.