TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Company (TSMC) said Friday (Aug. 9) its July revenue was NT$256 billion (US$7.9 billion), setting a new monthly high.

According to a company press release on Friday (Aug. 9), cumulative revenue for the first seven months of 2024 was NT$1.523 trillion, a 30.5% increase compared to the same period last year.

TSMC said it expects strong demand for advanced process technology driven by AI and smartphones, per CNA. This demand will push TSMC's Q3 revenue to between US$22.4 billion and US$23.2 billion, the company added, per Liberty Times.

Analysts said the main drivers behind TSMC’s July revenue were Apple’s new product stockpiling and demand from Nvidia. They estimate that TSMC’s revenue for August and September will remain high, ranging between NT$235.6 billion and NT$248.6 billion.

TSMC added it is optimistic that its revenue will grow by 24% to 26% this year, significantly outpacing the 10% growth rate of the semiconductor industry, excluding memory.