Taiwan Semiconductor Manufacturing Co (NYSE:TSM) stock lost 4% in the last 30 days. Last month saw volatility as Nvidia Corp (NASDAQ:NVDA) released its quarterly print and more.
On August 28, Nvidia reported second-quarter topline growth of 122% to $30.04 billion, quashing the analyst consensus of $28.68 billion.
Also Read: Intel Looks To Restructure Foundry Business, Bags Major US Deal and Government Grants
The company projected third-quarter revenue of $31.85 billion—$33.15 billion, versus the consensus of $31.77 billion.
The semiconductor sector selloff continued in September, with U.S.-China geopolitical tensions intensifying due to the Western counterpart’s artificial intelligence technology embargo on the Asian counterpart.
On the brighter side, reports indicated that the contract chipmaker’s production yield at the Arizona facility is at par with its Taiwan facilities.
Taiwan Semiconductor reported 33% topline growth in August 2024, testimony to the smartphone market recovery and continued demand for Nvidia AI chips. Analysts expect third-quarter revenue growth of 37%.
Taiwan Semiconductor is up over 90% in the last 12 months as it led the global foundry market, commanding a 62% share in the second quarter of 2024.
Price Action: TSM stock closed at $167.28 on Wednesday.
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