Taiwan Semiconductor (NYSE: TSM) Rally Live: Revenue Jumped 48%

This article will be updated throughout the day, so check back often for more daily updates.

Shares of Taiwan Semiconductor (NYSE: TSM) are up just over 1.3%, or $2.40 on the day. All as sales continue to explode higher. For April, the company said revenue came in at 349.57 billion New Taiwan dollars, a 48% increase year over year.

While TSM didn’t comment on what drove the year-over-year increase, it’s fair to say it had a lot to do with artificial intelligence hardware. After all, it is a chief supplier of chips to AI giants like Nvidia, Apple, Qualcomm, and Advanced Micro Devices.

We also have to consider that a potential trade deal with China could also help boost the semiconductor chip industry. Plus, recent TSM earnings haven’t been too shabby. In its first quarter, the company said its profit jumped 60% to 365.56 billion New Taiwan dollars ($11.12 billion). That also beat analyst estimates of 351.56 billion.

For the second quarter, TSM expects to see revenue of $28.4 billion to $29.2 billion, with the midpoint above expectations. Even better, it expects to see mid-20% sales growth this year, and for revenue from AI-related servers and processors to double.

The post Taiwan Semiconductor (NYSE: TSM) Rally Live: Revenue Jumped 48% appeared first on 24/7 Wall St..