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<p class="has-drop-cap">In a show of strength for the semiconductor industry, Taiwan Semiconductor Manufacturing Company (NYSE: TSM) released a <a aria-label="robust second-quarter revenue (opens in a new tab)" href="https://www.reuters.com/technology/tsmc-q2-revenue-handily-beats-market-forecasts-2024-07-10/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">robust second-quarter revenue</a> report that surpassed market expectations, triggering a positive ripple effect on its key customer, Nvidia (NASDAQ: NVDA). <br><br>The <a aria-label="symbiotic relationship between these two tech giants (opens in a new tab)" href="https://www.investors.com/research/ibd-stock-analysis/tsmc-taiwan-semiconductor-tsm-stock-nvidia" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">symbiotic relationship between these two tech giants</a> underscores the growing importance of advanced chip manufacturing in the artificial intelligence (AI) boom.</p> 
<h3 id="tsmc-s-q2-performance-exceeds-expectations">TSMC’s Q2 Performance Exceeds Expectations</h3> 
<p>TSMC, the world’s largest contract chipmaker, announced a second-quarter revenue of NT$673.51 billion ($20.67 billion), representing a substantial 32% year-over-year growth. <br><br>This figure beat market forecasts of NT$654.27 billion and fell within the company’s previous guidance range of $19.6-20.4 billion. June 2024 alone saw revenue surge by 33% compared to the previous year, reaching NT$207.87 billion. <br><br>Analysts anticipate TSMC will report a 30% year-over-year increase in Q2 net profit when it releases its full earnings report on July 18, 2024. The company’s stellar performance has propelled its shares to historic highs, with a year-to-date gain of 76%.</p> 
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<h3 id="nvidia-a-key-customer-of-tsmc">Nvidia a Key Customer of TSMC</h3> 
<p>Nvidia, a key customer of TSMC and a leader in AI chip design, saw its stock climb in <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="dofollow" class="deco-link">pre-market trading</a> following TSMC’s announcement. Nvidia’s shares rose 1.00% to $132.70, building on an already impressive year-to-date return of 165.33% and a one-year return of 209.20%. <br><br>The company’s market capitalization is a staggering $3.23 trillion, reflecting investors’ high expectations for its AI-driven growth. Nvidia’s close partnership with TSMC, which manufactures its high-performance GPUs using advanced 5nm and 4nm process nodes, has been crucial to its success in the AI chip market.</p> 
<p>The strategic alliance between TSMC and Nvidia has proven mutually beneficial. Both companies are capitalizing on the surging demand for AI applications. </p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/nvidia-stock-gains-after-tsmc-posts-strong-q2-revenue-report/">Nvidia Stock Gains After TSMC Posts Strong Q2 Revenue Report</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Nvidia Stock Gains After TSMC Posts Strong Q2 Revenue Report

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