TSMC's net profit in the second quarter surged 77% year-on-year, surpassing market expectations and setting a record high.

Golden Ten Data reported on July 16 that the world's largest semiconductor foundry, TSMC (TSM.N), announced on Thursday that its second quarter net profit grew by 77% year-on-year, setting a new record high and exceeding market expectations, driven by surging global demand for artificial intelligence processors. TSMC's clients include Nvidia and Apple. The company reported that net profit for April to June rose to 706.6 billion New Taiwan Dollars (approximately $21.99 billion), significantly higher than the market expectation of 632.6 billion New Taiwan Dollars according to the LSEG SmartEstimate survey. Second quarter revenue reached 1,270.381 billion New Taiwan Dollars, a year-on-year increase of 36%.