TSMC (TSM) Reports 58% Profit Increase Amid Stock Decline

AI Summary

Taiwan Semiconductor Manufacturing Co. (TSM) reported a 58% increase in first-quarter profits, marking a record fourth consecutive quarter of profit growth. Despite this positive result, TSM shares fell approximately 3% on the day of the announcement. The company's gross margins reached 66%, with 61% of revenue from its high-performance computing segment, boosted by AI demand, especially from Nvidia. ASML also faced a decline, with shares dropping 2.5% after strong earnings amid investor concerns about sales to China.