Taiwan Semiconductor Manufacturing Company, or TSMC, just revealed a massive 54% increase in profits for the third quarter. This huge jump is largely thanks to the booming demand for AI-powered chips. The company's net income hit a whopping 352.3 billion Taiwanese dollars, which is roughly $10.1 billion. This number beats the expected profit estimate of $300.2 billion. TSMC is no small player in the chip market; it's the world's top producer of advanced chips, serving big names like Apple and Nvidia.

The company's revenue also saw a significant boost, climbing to $23.5 billion for the quarter, a 36% increase from the same period last year. Plus, TSMC's gross margin rose to an impressive 57.8% for July-September, compared to 54.3% in the same period of 2021.

TSMC didn't skimp on investment either. Its capital expenditure for the quarter ticked up to $6.4 billion, slightly more than the $6.36 billion spent in the previous three months.

Interestingly, this profit windfall comes at a time when ASML, a Dutch company that supplies machines to TSMC, reported lower-than-expected sales forecasts. This news sent ASML's shares tumbling.

This story is still developing, so keep an eye out for more updates.

AI-Driven Chip Sales Soar: TSMC's Profit Jumps 54%

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