TSMC Profits Surge on AI Demand

TSMC's record-breaking first quarter was fueled by a surge in orders from major clients like Apple and Nvidia, who are racing to secure chips for AI applications.

The company announced plans to ramp up capital spending to meet this 'relentless hunger' for its products, downplaying concerns about rising energy costs.

However, management warned that the ongoing Iran war could still impact supply chains and logistics in the coming months.

The positive results have provided a much-needed boost to technology stocks globally, even as other sectors struggle with the effects of the Gulf conflict.