The global AI market is set to be worth over $909bn by 2030. Credit: Ascannio/shutterstock

Taiwan Semiconductor Manufacturing Company (TSMC) reported a 34.3% YoY increase in revenue during March 2024. This growth is largely credited to a rising global interest and adoption of AI. 

TSMC stated its March revenue totalled $6.1bn, making it the fastest growth in profit experienced by TSMC since 2022. 

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It’s revenue for the first quarter of 2024 was up 16.5% YoY at $18.5bn. 

This is in line with the upper half of TSMC’s expectations as the company stated in January 2024 that it expected first quarter revenues to land between $18-18.8bn. 

Although TSMC did not release comment on its brief March 2024, revenue statement, its vice president and chief financial officer Wendell Huang stated in January 2024, that he expected its first quarter profits to be influenced by seasonal sales of smartphones during the Christmas period. 

TSMC also announced in January that its AI revenues had increased as much as 50% each year. 

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Semiconductors are vital in the development of AI technology. 

AI software requires specialised hardware, such as sensors and memory chips. As AI matures and becomes more advanced, its compute needs will also expand requiring more advanced chip technology. 

Research and analysis company GlobalData forecast the global AI market to grow to a value of $909bn by 2030, achieving a CAGR 35% from 2022. 

GlobalData expects generative AI to be the fastest growing segment of AI technology, posing a disruption to every industry. Generative AI revenues are expected to achieve a CAGR of 80% between 2022 and 2027, amassing a global revenue of $33bn. 

TSMC stated that its full first quarterly financial results will be released 18 April 2024.