(Bloomberg) — Taiwan Semiconductor Manufacturing Co.’s revenue rose 9.4% in 2024’s first two months, riding a wave of global AI development that’s helping offset potential fallout from slowing iPhone sales.
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Asia’s largest company reported sales of NT$397.4 billion ($12.6 billion) from January to February. That’s despite signs that Apple Inc., which accounted for 25% of its business last year, is struggling to sustain momentum for the iPhone particularly in China.
TSMC, the main chipmaker to Nvidia Corp., is riding a wave of activity in artificial intelligence that accelerated after OpenAI rolled out ChatGPT. The world’s most advanced chipmaker is considered one of the major beneficiaries of a rise in development of large language models that require high-end chips. This week, JPMorgan became the latest brokerage to raise its price target on the…
