Brief news summary

Taiwan Semiconductor Manufacturing Co. (TSMC) has revised its revenue growth projections for 2024, expecting higher sales than previously anticipated. TSMC, a major chipmaker supplying Apple and Nvidia, foresees surpassing the previous maximum growth of mid-20%. The company has also updated its capital spending forecast to a range of $30-32 billion, reflecting its confidence in the global AI market despite US-China trade tensions. TSMC's positive outlook has boosted its US-listed shares, driven by the expanding smartphone market and Apple's positive guidance. With its position as the world's largest producer of advanced chips, TSMC is well-positioned to benefit from the increasing demand for semiconductors in AI applications. Despite geopolitical concerns, TSMC remains optimistic about its future. However, there are worries about overspending in the AI market, and monitoring the impact on the company's bottom line and stock valuations resulting from AI investments is necessary.