TSMC stock hits new high after posting forecast-beating earnings

TAIPEI - Taipei-listed shares in TSMC hit a record high on Friday after the chipmaker posted forecast-beating third-quarter earnings and predicted a rosy outlook on strong artificial intelligence demand.

The company, however, appeared to face some political uncertainty after U.S. media outlet The Information said the U.S. Department of Commerce is probing whether TSMC has been making AI or smartphone chips for China's Huawei, whose access to non-Chinese chips has been severely curtailed due to U.S. export controls.

On its earnings call on Thursday, Taiwan Semiconductor Manufacturing Co reported a forecast-beating 54% jump in quarterly profit, raised its revenue forecast for the year and said the next five years would also be "healthy" for the firm.

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