TSMC’s October sales jump as global chip boom rolls on
Summary
Taiwan Semiconductor Manufacturing Company has announced higher sales for the month of October. This revenue increase highlights the ongoing strong demand for semiconductors worldwide.
TSMC reports its monthly sales figures for October on Tuesday.
Our Take
TSMC just posted the best month in its history: October revenue of NT$586.89 billion (about $17.9 billion), up 14.7% from September and 59.7% from a year ago. Through ten months, revenue is up 43.3%, right in line with management's outlook for roughly 44% growth this year in U.S. dollar terms. For a market that spent last week doubting the AI trade, this is hard data that demand for advanced chips has not slowed.
The stock is a different story. TSM closed Monday at $388.62, up 3.5%, and is near $389 in pre-market, but it is still about 20% below its October record of $487.47 after last Thursday's drop to $351.19. Resistance is $394-$396 (Monday's high and the pre-market high), then $410.59. Support is $380.33, Monday's low, then $367.95. Monthly sales are lumpy, so one record month doesn't settle the debate, but a hold above $380 on a day with a big inflation report would say buyers are back.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at US Top News and Analysis