TSMC, the largest contract chipmaker, saw a 30% revenue increase in Q3, hitting T$989.92 billion. This surpassed market expectations and falls within the company’s guidance range of $31.8 billion to $33 billion. AI demand has been a key driver for growth, offsetting a decline in consumer electronics chip demand.

TSMC will reveal full Q3 earnings on October 16, updating its outlook for the current quarter and full year. The company’s stock has risen by 34% this year, outpacing the broader market’s 18.5% increase. Foxconn, another major player in the tech industry, also reported record-high revenue for the quarter.

Nvidia and Apple, both clients of TSMC, have contributed to the company’s success with AI advancements. The pandemic-related chip demand drop for consumer electronics has been offset by the surge in AI applications. TSMC’s strong performance reflects the growing importance of AI in the tech industry.

Read more at Yahoo Finance: TSMC posts forecast-beating Q3 revenue surge on AI boom