TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Co. (TSMC) reported a revenue of NT$229.6 billion (US$7 billion) in May, marking the third-highest monthly revenue in the company’s history and a record for May.

According to a TSMC press release on Friday (June 7), the earnings are a 2.7% decrease from the previous month but a 30.1% increase compared to the same period last year. For the first five months of the year, TSMC accumulated revenue of NT$1.05 trillion, a 27% increase year-on-year, the company reported.

Analysts said the thriving high-performance computing market and strong customer demand for advanced 3nm (nanometer) and 5nm process technologies were the main drivers sustaining TSMC’s high performance, CNA reported.

The combined revenue for April and May was NT$465.6 billion, according to the report. Analysts anticipate that TSMC will meet its second-quarter operational targets and possibly exceed expectations.

TSMC said it projects its Q2 revenue to be between NT$19.6 billion and NT$20.4 billion, with a midpoint growth of approximately 6% quarter-on-quarter, based on an average exchange rate of US$1 to NT$32.3.

Benefiting from server-related AI applications and mass production of 3nm process chips, the company said it expects its revenue to rise each quarter this year. It forecasted an annual dollar revenue growth of 21% to 26%, outpacing the foundry industry’s average growth rate of 14% to 19%.