Taiwan Semiconductor Manufacturing Co. (TSM) Hikes Q3 Revenue Guidance amid AI Boom

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the best 52-week high stocks to buy now. On July 17, the semiconductor manufacturer delivered strong second-quarter results and issued an upbeat outlook affirming robust growth. TSMC posted net revenue of NT$933.80 billion for the June quarter, marking a 38.65% year-over-year increase and surpassing analyst expectations.

The company expects its third-quarter revenue to range between $31.8 billion and $33 billion, representing a 38% year-over-year growth. It also expects the operating margin to range between 45.5% and 47.5%. The company also raised its full-year revenue forecast, expecting 30% growth, up from its prior guidance of 20% growth.

The solid and better-than-expected third-quarter guidance comes as Taiwan Semiconductor continues to capitalize on accelerating demand for artificial intelligence. With data center orders strengthening significantly, the company is recording booming business as a chip manufacturer. The company has also not seen any change in customer behavior due to tariffs; consequently, it’s in the process of investing $165 billion to enhance advanced manufacturing in the US.

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the world’s largest independent semiconductor foundry. It manufactures chips designed by other companies, essentially acting as a “virtual fab” for their clients.

READ NEXT: 10 Best Biotech Stocks to Buy According to Billionaire Steve Cohen and 11 Growth Stocks That Could Double by 2027.

Disclosure: None. This article is originally published at Insider Monkey.