TSMC "AI Golden Age... Global Semiconductor Industry Growth of 10%"

TSMC forecasted that the global semiconductor industry's revenue, excluding memory chips, will grow by 10% annually.

Clipper Hou, Senior Vice President of TSMC, said at an event held in Hsinchu, Taiwan on the 23rd, "We are now in a golden age of new opportunities through artificial intelligence (AI)."

[Image source=Reuters Yonhap News]

This figure reconfirms the previous forecast. Last month, TSMC revised down its outlook for the global semiconductor industry excluding memory chips from over 10% to around 10%. The World Semiconductor Trade Statistics predicted that the global semiconductor market will grow by 13.1% in 2024.

TSMC expects its second-quarter revenue to increase by up to 30%, driven by a surge in demand for semiconductors used in AI applications.

Meanwhile, Nvidia, a major customer of TSMC, reported first-quarter results that exceeded expectations and announced a 10-for-1 stock split, causing its shares to surge in after-hours trading.