Taiwanese Apple,Nvidia supplier forecasts 10% revenue growth

Taiwanese TSMC, a key supplier to Apple and Nvidia, projected a 10 per cent annual revenue growth for the global semiconductor industry on Thursday, excluding memory chips, Reuters reported.

Senior vice-president Cliff Hou, speaking at an event in Hsinchu, the company’s headquarters, described this era as a “This is a new golden age of opportunity with AI,”

In April, TSMC revised its outlook for the global semiconductor industry excluding memory, expecting a growth rate of around 10 per cent compared to a previous forecast of over 10 per cent.

Moreover, the World Semiconductor Trade Statistics anticipates a 13.1 per cent growth for the global semiconductor market in 2024.

TSMC anticipates second-quarter sales to potentially surge by up to 30 per cent, driven by the increasing demand for semiconductors used in artificial intelligence applications (AI).

Nvidia, on Wednesday, forecasted its quarterly revenue to surpass estimates and revealed a stock split, catapulting shares to record-high levels. Investors, buoyed by AI optimism, have tripled the chipmaker’s market value in the past year.