2024-05-13 08:30:00 ET
Summary
- Taiwan Semiconductor beat analyst expectations with strong Q1 figures, driven by global demand for advanced chips used in AI systems.
- Going forward, the company anticipates continued growth in demand for AI and server chips throughout 2024.
- TSM's stock prices have broken through major resistance levels, indicating potential for further gains might be ahead.
Taiwan Semiconductor (TSM) is breaking through major long-term resistance levels after the central computing processor producer released first-quarter earnings figures that beat analyst expectations on both the top-line and bottom-line. Strong global demand for the advanced chips used in artificial intelligence systems helped the company generate annualized growth rates of 16.5% in net revenues ($18.87 billion) and 8.9% annualized growth in net income ($6.95 billion). In both cases, this performance strongly surpassed consensus estimates ($17.97 billion in net revenue and $6.58 billion in net income for the period) and these figures also surpassed prior guidance releases, indicating that quarterly revenues would likely fall within an $18 billion to $18.8 billion range....
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Taiwan Semiconductor: Breaking Major Upside Levels (Technical Analysis)