Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker, reported a significant increase in its financial performance for the first quarter of 2024, beating market expectations. The company's revenue for March 2024 surged 34.3% year-on-year to NT$195.21 billion ($6.1 billion), marking the fastest monthly revenue growth since November 2022 with a 7.5% month-on-month increase. This contributed to a first-quarter revenue totaling NT$592.64 billion ($18.54 billion), a 16.5% increase from the previous year and surpassing the company's guidance. The revenue growth has been attributed to a boom in demand for AI applications, reversing the slight decline experienced in 2023. TSMC expects its revenue to grow by at least 20% throughout 2024 and has budgeted a capital expenditure of $28 billion to $32 billion to support this growth. The company is scheduled to report its full first-quarter earnings on April 18, 2024.