TSMC's revenue growth in 3Q24 was fueled by strong demand for its industry-leading 3nm and 5nm technologies, driven by both smartphone and AI-related applications. TSMC management believes the demand for AI is real and sustainable, stating that it is just the beginning of a multi-year growth cycle. They see AI as foundational to scientific and engineering advancements and expect continued strong demand from AI innovators, including hyperscalers.
