Taiwan Semiconductor Manufacturing Company (TSMC) booked a second consecutive quarter of revenue growth in Q3, with record sales as demand for chips powering AI applications soared. 

Sales grew 39 per cent year-on-year to TWD759.7 billion ($23.6 billion). In Q2 the increase was 40 per cent.

In April, the company forecast revenue from server AI processors to more than double in 2024.

For the first nine months, sales were up 31.9 per cent to TWD2 trillion.

It releases full Q3 results on 17 October.

The contract chipmaker is a key supplier to Apple, Qualcomm and MediaTek.

TSMC’s Q3 performance mirrored Taiwan-headquartered Foxconn, which reported a 20.2 per cent increase in sales to TWD1.8 trillion on strong demand for AI servers and components for the automotive sector.