Taiwan Semiconductor Manufacturing Co. (TSMC) reported a first-quarter revenue of NT$839.25 billion (US$25.59 billion), marking a 41.6% increase year-over-year and surpassing market expectations of NT$835.66 billion. The company's March revenue alone rose to NT$285.96 billion, up 46.5% from the previous year. The surge in revenue was driven by strong demand for AI servers and smartphones, which TSMC attributes to customers stockpiling ahead of anticipated U.S. tariffs. TSMC's performance reflects the fastest pace of growth since 2022, despite looming concerns over potential U.S. tariffs and an ongoing investigation into export control violations that could result in a US$1 billion fine. TSMC's shares initially rose nearly 10% after the revenue announcement but later faced pressure due to broader market reactions to U.S. President Donald Trump's tariff policies. Despite a 19.7% loss year-to-date, TSMC remains a key supplier to major tech firms like Apple and Nvidia, benefiting from the AI boom. Meanwhile, Foxconn reported its highest-ever first-quarter revenue, driven by AI server demand, while U.S. tariffs have been postponed for many trading partners.