TSMC smashes forecasts with record profit, flags more US factories

TSMC, the world’s main producer of advanced AI chips, posted a forecast-smashing 35% jump in fourth-quarter profit to a record high, predicted robust annual growth and flagged more U.S. manufacturing capacity was in the works.

Wall Street’s main indexes snapped ​back, lifted by a chip-fueled surge after TSMC’s blockbuster results, while investors combed through earnings from Morgan ‌Stanley and Goldman Sachs to close the book on big banks’ reporting season. Chip stocks such as Nvidia rose 2.5%, while Broadcom and Micron gained 2.3% and 3%, respectively.