US Stock Market Move | Raise third quarter performance guidance, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) rose more than 3% to a new all-time high.

On Thursday, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US) rose more than 3%, hitting a new all-time high at $245.40 per share. In terms of news, the company's second quarter earnings per share were $2.47, beating market expectations of $2.39 by $0.08; revenue increased by 44.4% year-on-year to $30.07 billion, slightly below the market expectation of $30.35 billion. The company also raised its guidance for the third quarter, forecasting revenue of $31.8 - $33 billion, compared to market expectations of $30.7 billion. "The growth engine of Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR mainly comes from strong demand for AI-related chips, especially in advanced processes of 7 nanometers and below," said Brady Wang, deputy director of Counterpoint Research. "The demand growth brought by the AI wave is highly sustainable, as AI is still in its early stages of development and is rapidly penetrating various industries."