TSMC projects more than 20% growth in 2024 revenue on booming demand for high-end chips used in artificial intelligence applications.
Based on the Company's current business outlook, management expects the overall performance for first quarter 2024 to be as follows: • Revenue is expected to be between US$18.0 billion and US$18.8 billion; And, based on the exchange rate assumption of 1 US dollar to 31.1 NT dollars, • Gross profit margin is expected to be between 52% and 54%; • Operating profit margin is expected to be between 40% and 42%. The management further expects the 2024 capital budget to be between US$28 billion and US$32 billion
** Nvidia NVDA.O, which has a dominant position in the market for advanced AI chips, climbs 1.4% to $568.2; stock hit a record high on Tuesday on optimism about demand for AI-powered chips.