TSMC July revenue hits record NT$467.58 billion, up 5.6% month-on-month

Taiwan Semiconductor Manufacturing Co. (TSMC) announced a record-breaking July revenue of NT$467.58 billion, marking a 5.6% increase from the previous month and a significant 44.7% jump year-on-year. This performance surpasses its previous record set in June, highlighting the company's sustained growth.

For the first seven months of the year, TSMC's cumulative revenue reached NT$2.87 trillion, a 37% increase compared to the same period last year. This surge is largely attributed to the booming demand for artificial intelligence (AI) and high-performance computing (HPC) applications, which are driving increased shipments of advanced semiconductor manufacturing processes.

Looking ahead, TSMC projects its third-quarter revenue to range between $44.6 billion and $45.8 billion. This forecast represents a 12% quarter-on-quarter increase and a 37% year-on-year rise. The company anticipates a gross profit margin between 65% and 67% for the quarter. TSMC's President, C.C. Wei, recently emphasized the exceptionally strong demand signals from clients, particularly cloud service providers, expecting AI demand to remain robust through 2029 and potentially 2030.

Following TSMC's investor conference, nine major foreign investment firms have revised their target prices upwards, with consensus now placing it above NT$3,000. Macquarie notably raised its target price from NT$3,380 to NT$4,200, setting the highest benchmark in the current market.

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TSMC's customers and their customers, especially cloud service providers (CSPs), continue to send very strong demand signals. AI demand is stronger than originally expected and is expected to continue into 2029, or even 2030.