Last Thursday, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported its second quarter results, surpassing both top and bottom-line estimates. Surging demand for advanced chips used for developing gen-AI applications has boosted Taiwan China listed shares of the world's leading producer of advanced chips found in everything from smartphones to AI applications, whose clients are the titans Apple Inc (NASDAQ:AAPL) and Nvidia Corporation (NASDAQ:NVDA), among others, by almost 70% year-to-date.
Second Quarter Highlights
Fueled by its exclusive partnerships with Apple and Nvidia, TSMC reported net revenue grew 40.1% YoY to 673.51 billion New Taiwan dollars ($20.82 billion), surpassing LSEG's consensus estimate of NT$657.58 billion.
For the June quarter, net income grew 36.3% YoY to NT$247.85 billion which is about $7.59 billion, also surpassing LSEG's consensus estimate of NT$238.8 billion.
Third quarter guidance shows continued growth is expected.
TSMC projects third-quarter revenue between $22.4 billion and $23.2 billion, which would represent growth of about 30% to 33%.
2024 is expected to be a strong growth year due to strong smartphone and AI-related demand. As for the annual capital budget, TSMC narrowed the range to between $30 billion and $32 billion, while it previously guided for $28 billion to $32 billion. 70% to 80% of the budget will be allocated to advanced technologies.
TSMC is not only benefiting from the AI hype, it is one of those helping to create it.
TSMC's latest financial results and optimistic forecasts paint a picture of a leading company at the forefront of the AI revolution, together with Nvidia, which it counts among its clients. Samsung Electronics and Intel Corporation (NASDAQ:INTEL) are trying to challenge its dominance. While TSMC has been the world's first chip contract maker for years and world's biggest foundry, its earnings have long been lagging those of Intel, but in 2023, its revenue surpassed those of both Intel and Samsung. It also leads in the operating profit arena. But Intel, who led the industry for decades, is determined to make a comeback and go beyond just fabrication and assembly with an ambitious foundry strategy. Foundry competition is heading up but for now, TSMC is still leading the way and it has the best partners, Apple and Nvidia, on its side.
上週四,台積電(紐約證券交易所代碼:TSM)公佈了第二季度業績,超過了最高和利潤預期。對用於開發Gen-AI應用程序的先進芯片的需求激增,使這家全球領先的先進芯片生產商在中國臺灣的上市股票今年迄今上漲了近70%,這些芯片的客戶是巨頭蘋果公司(納斯達克股票代碼:AAPL)和英偉達公司(納斯達克股票代碼:NVDA)等。
第二季度亮點
在與蘋果和英偉達的獨家合作伙伴關係的推動下,台積電公佈的淨收入同比增長40.1%,至6735.1新臺幣(合208.2億美元),超過了LSEG共識估計的6575.8億新臺幣。
6月季度的淨收入同比增長36.3%,達到2478.5億新臺幣,約合75.9億美元,也超過了LSEG共識估計的2388億新臺幣。
第三季度指引顯示,預計將持續增長。
台積電預計第三季度收入在224億美元至232億美元之間,增長約30%至33%。
由於智能手機和人工智能相關需求強勁,預計2024年將是強勁增長的一年。至於年度資本預算,台積電將範圍縮小至300億美元至320億美元之間,而之前的預期爲280億美元至320億美元。70%至80%的預算將分配給先進技術。
台積電不僅受益於人工智能的炒作,而且也是幫助創造人工智能的人之一。
台積電的最新財務業績和樂觀的預測描繪了一家處於人工智能革命前沿的領先公司以及其客戶中的英偉達。三星電子和英特爾公司(納斯達克股票代碼:INTEL)正試圖挑戰其主導地位。儘管台積電多年來一直是全球第一家芯片合約製造商,也是世界上最大的代工廠,但其收益長期以來一直落後於英特爾,但在2023年,其收入超過了英特爾和三星。它在營業利潤領域也處於領先地位。但是,領導該行業數十年的英特爾決心捲土重來,並制定雄心勃勃的鑄造戰略,超越單純的製造和組裝。代工行業的競爭正在加劇,但就目前而言,台積電仍處於領先地位,最好的合作伙伴蘋果和英偉達站在自己一邊。