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.
上周四,台积电(纽约证券交易所代码:TSM)公布了第二季度业绩,超过了最高和利润预期。对用于开发Gen-AI应用程序的先进芯片的需求激增,使这家全球领先的先进芯片生产商在中国台湾的上市股票今年迄今上涨了近70%,这些芯片的客户是巨头苹果公司(纳斯达克股票代码:AAPL)和英伟达公司(纳斯达克股票代码:NVDA)等。
第二季度亮点
在与苹果和英伟达的独家合作伙伴关系的推动下,台积电公布的净收入同比增长40.1%,至6735.1新台币(合208.2亿美元),超过了LSEG共识估计的6575.8亿新台币。
6月季度的净收入同比增长36.3%,达到2478.5亿新台币,约合75.9亿美元,也超过了LSEG共识估计的2388亿新台币。
第三季度指引显示,预计将持续增长。
台积电预计第三季度收入在224亿美元至232亿美元之间,增长约30%至33%。
由于智能手机和人工智能相关需求强劲,预计2024年将是强劲增长的一年。至于年度资本预算,台积电将范围缩小至300亿美元至320亿美元之间,而之前的预期为280亿美元至320亿美元。70%至80%的预算将分配给先进技术。
台积电不仅受益于人工智能的炒作,而且也是帮助创造人工智能的人之一。
台积电的最新财务业绩和乐观的预测描绘了一家处于人工智能革命前沿的领先公司以及其客户中的英伟达。三星电子和英特尔公司(纳斯达克股票代码:INTEL)正试图挑战其主导地位。尽管台积电多年来一直是全球第一家芯片合约制造商,也是世界上最大的代工厂,但其收益长期以来一直落后于英特尔,但在2023年,其收入超过了英特尔和三星。它在营业利润领域也处于领先地位。但是,领导该行业数十年的英特尔决心卷土重来,并制定雄心勃勃的铸造战略,超越单纯的制造和组装。代工行业的竞争正在加剧,但就目前而言,台积电仍处于领先地位,最好的合作伙伴苹果和英伟达站在自己一边。