"TSMC Anticipates Sales Growth and Tech Recovery, Boosting Stock and Chip Sales Outlook"

Taiwan Semiconductor Manufacturing (TSMC) beat analyst estimates for earnings in the fourth quarter and expects to return to sales growth in the first quarter, despite facing weak demand for chips for smartphones and automobiles. The company forecasts revenue of $18 billion to $18.8 billion for the first quarter, topping Wall Street's target, and expects 2024 revenue to grow more than 20% due to booming demand for high-end chips used in artificial intelligence applications. TSMC stock rose 6.5% in premarket trading, and the company also plans to delay production at a semiconductor plant in Arizona.