Taiwans TSMC posts sharp rise in third quarter net profit [Video]

Taiwanese chip giant TSMC announced a bigger-than-expected increase in net profit for the third quarter on Thursday and raised its growth forecasts for the year on “extremely robust” demand for AI technology.

Taiwan Semiconductor Manufacturing Company controls more than half the world’s output of chips used in everything from Apple’s iPhones to Nvidia’s cutting-edge artificial intelligence hardware.

Tech stocks took a hit this week as Dutch powerhouse ASML, which supplies chip-making machines to the semiconductor industry, unveiled a cut to its 2025 guidance and a disappointing slump in sales bookings.

Fuelling the falls were reports that US President Joe Biden’s administration was considering a cap on exports of advanced AI chips to some countries.

TSMC — which is listed in Taipei and New York — said net profit in the three months to September hit NT$325.26 billion (US$10.1 billion), up 54.2 percent from the same period last year.

Revenues in …