Taiwanese chipmaker TSMC posts 57% surge in profit thanks to the AI boom

Taiwan computer chip maker TSMC has reported its profit in the last quarter rose 57%, buoyed by the artificial intelligence boom. The world’s biggest semiconductor manufacturer reported a net profit of $11.4 billion, higher than expected. Last week, the company, Taiwan Semiconductor Manufacturing Corp., reported that its revenue for 2024 rose almost 34% to 2.9 trillion new Taiwan dollars ($88 billion). TSMC has been caught in the crossfire of U.S.-China tensions over trade and technology. The company last year began mass production at its first factory in Japan as it sought to diversify production due to geopolitical tensions, and plans to open three factories in the U.S. and two more in Japan.