Taiwan Semiconductor Manufacturing Company (TSMC) recently projected strong AI-driven demand that is expected to persist for ‘many years,’ in a report from yahoo finance.

TSMC’s third-quarter earnings exceeded expectations, with net income surging over 50%. The company’s optimistic forecast indicates that AI-related sales could triple in 2024, accounting for 15% of its revenue.

This announcement reassured investors following a brief sell-off in semiconductor stocks earlier in the week due to weaker projections from Dutch firm ASML​

TSMC’s performance has been buoyed by growing demand for high-performance chips used in AI applications, especially as key industry players like Nvidia and Broadcom also experienced gains.

Nvidia, a leader in AI chip development, saw a 2% rise, while Broadcom gained more than 3% on the back of TSMC’s robust outlook​

As the semiconductor industry navigates fluctuating demand in other sectors, the AI market continues to be a significant growth driver, with TSMC’s outlook playing a key role in restoring market confidence​

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