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Taiwan Semiconductor Manufacturing Company Limited (TSM) posted quarterly results that exceeded analyst expectations, driven by strong demand for AI-related chips:
→ Earnings per share: Actual = $1.95, Expected = $1.79;
→ Revenue: Actual = $23.6 billion, Expected = $23.3 billion.
According to the Wall Street Journal:
→ The company expects its revenue from servers and AI processors to triple this year, representing about 15% of its total revenue.
→ TSMC forecasts Q4 revenue between $26.1 billion and $26.9 billion.
→ Citi analysts believe TSMC's gross profit could continue growing next year.
→ Morningstar analyst Felix Lee noted that TSMC is well-positioned against competitors like Samsung and Intel.
TSMC shares surged following the report. Today's stock chart shows: → A 10% increase, reaching an all-time high;
→ The stock surpassed the psychological $200 level;
→ Year-to-date price growth is around 100%.
Technical analysis of the TSM stock chart indicates:
→ The price has been rising within an ascending channel since 2024 (marked in blue), with yesterday’s move pushing it into the upper half of the channel, surpassing the median resistance.
→ On strong news, a bullish gap formed between $190-$200, potentially acting as support.
→ The RSI indicator entered overbought territory, with a long upper wick on the candle suggesting a possible correction.
Optimistic forecasts could sustain long-term bullish sentiment, although short-term corrections may occur from the overbought zone towards support levels like the channel's median or the bullish gap area.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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