TSMC raises revenue forecast on bullish outlook for AI megatrend

• TSMC Q3 profit soars 39.1%
• Posts sixth consecutive quarter of double-digit profit growth
• TSMC benefiting from AI megatrend

TSMC (2330.TW), the world’s biggest producer of advanced chips, raised its full-year revenue forecast on Thursday on a bullish outlook for spending on artificial intelligence, after posting a record profit that blew past market estimates.

The strong results underscore the continued faith in AI, brushing off at least for now concerns about a bubble.

U.S.-listed shares of the Taiwanese chipmaker were up 1.6% in pre-market trade in New York and boosted U.S. semiconductor stocks, including AI leader Nvidia (NVDA.O)and Advanced Micro Devices (AMD.O)