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Major Apple supplier TSMC stock hits NT$1,000 in AI-powered rally
Friday July 5, 2024. 03:05 PM , from Mac Daily News
Taiwan Semiconductor Manufacturing Co. (TSMC) continues its record-breaking run, surging past NT$1,000 per share on the back of surging AI optimism ahead of its earnings report.
The stock (TSM) closed 2.7% higher in Taipei, reaching a new all-time high. This year alone, TSMC has climbed an impressive 70%. The rally is fueled by expectations of strong earnings driven by the booming demand for artificial intelligence technology.: Its market value based on the American depositary receipts recently surpassed Berkshire Hathaway Inc. to become the eighth-largest company globally, and is close to hit a market cap of $1 trillion. TSMC is expected to post a 36% growth in the second-quarter revenue, from a year earlier, the fastest pace since the last quarter of 2022, according to a Bloomberg poll of 29 analysts. Bloomberg Intelligence expects the company’s revenue to beat market consensus by 10%, leading a batch of earnings’ surprises in Taiwan’s foundry sector. UBS this week raised its full-year capital expenditure estimates for TSMC, citing increasing demand from generative AI and recovering margins on the back of cutting-edge technology. Meanwhile, Apple Inc.’s potential adoption of the company’s chip-stacking products also boosted sentiment. Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. MacDailyNews Note: In pre-market trading, TSM is up another 1.2%. Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you! Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post Major Apple supplier TSMC stock hits NT$1,000 in AI-powered rally appeared first on MacDailyNews.
https://macdailynews.com/2024/07/05/major-apple-supplier-tsmc-stock-hits-nt1000-in-ai-powered-rally/
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