UPDATE 1-TSMC’s Q1 revenue rise beats market expectations on AI boom

Taiwan chipmaker TSMC reported a 16.5% rise in first-quarter revenue on Wednesday, beating market expectations and at the high end of the company's own guidance as its sales boom on demand for artificial intelligence applications. The world's largest contract chipmaker, whose customers include Apple and Nvidia, has benefited from a surge towards AI that has helped it weather the tapering off of pandemic-led demand and pushed TSMC's stock to a record high. That was towards the higher end of Taiwan Semiconductor Manufacturing Co's (TSMC) previous prediction for first-quarter revenue to range between $18 billion and $18.8 billion.