TSMC reports 55% revenue jump; chip stocks slip despite upbeat view
Taiwan Semiconductor reported September revenue up 55% to NT$511.9 billion, while U.S. chip stocks including AMD, Broadcom and Marvell fell ahead of the open.
By Callum Keown The artificial-intelligence trade just got a pretty strong signal that the good times can keep going. But tech stocks were falling anyway ahead of the open Thursday. Higher oil prices and rising Treasury yields were preoccupying investors instead, and perhaps understandably so. However, chip maker Taiwan Semiconductor Manufacturing's bumper revenue shouldn't be ignored -- and neither should memory-chip giant Samsung's ninefold increase in profit.
Demand for AI chips is relentless. 9 billion New Taiwan dollars ($16 billion) in September. 46 trillion, according to FactSet data. 6% from August.
1% ahead of the open. S. tech stocks were not taking their cue from TSMC or Samsung, though, but from higher bond yields and oil prices. Advanced Micro Devices, Broadcom and Marvell were down more than 1%, while Intel fell around 2%.
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