Taiwan Semiconductor Manufacturing Co. (TSMC) anticipates a robust return to growth, projecting a capital expenditure between $28 billion to $32 billion for 2024. This marks a strategic move to capitalize on the recovery in smartphone and computing demand. TSMC, a key chip supplier for Apple and Nvidia, aims for revenue growth of at least 20% for the year, emphasizing its pivotal role in global chip fabrication. The company plans to establish new chipmaking plants in Japan, Arizona, and Germany, with mass production set to commence at the end of 2024.

TSMC's positive outlook signals a turnaround in the tech sector after a prolonged period of subdued demand. CEO C. C. Wei highlighted the potential catalysts from the growing AI development worldwide, emphasizing TSMC's proficiency in fabricating powerful chips crucial for AI applications. TSMC's encouraging results have influenced positive market sentiments, with TSMC shares experiencing their largest intraday jump since May. The company's ambitious revenue target for 2024, coupled with its emphasis on advanced N3 and N5 nodes, underscores confidence in customer acceptance amid competition from Samsung and Intel.