Taiwanese company TSMC has released its financial results forecast for the second quarter of 2024. It turned out to be better than market expectations, Bloomberg reports.

In April-June this year, TSMC expects to generate revenue of $19.6 billion to $20.4 billion. Analysts predict that this figure will be $19.1 billion.

The high forecast comes after TSMC recently reported a 16.5% year-on-year increase in revenue to NT$592.6 billion ($18.5 billion) in January-March this year.

The result exceeded market expectations – analysts had forecast the company’s revenue at NT$579.5 billion.

Now Taiwan Semiconductor Manufacturing Co. has also confirmed its forecast of spending $28 billion to $32 billion this year to expand and modernize its facilities.

“Macroeconomic and geopolitical uncertainty persists, potentially weighing on consumer sentiment and end-market demand,” said TSMC CEO C.C. Wei.

At the same time, he drew attention to the high demand from the AI industry.

“The demand is very high, extremely high, and we’ll do our best to increase our capacity to alleviate the shortage,” said the CEO. “Probably not enough this year, but for next year we’ll try very hard.”

Earlier it became known that TSMC received $6.6 billion in grants and another $5 billion in loans to build a new facility in the United States. It will be located in Arizona.