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TSMC's Q1 Revenue Rise Beats Market Expectations on AI Boom

FILE PHOTO: A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo
FILE PHOTO: A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo
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TSMC's Q1 Revenue Rise Beats Market Expectations on AI Boom

FILE PHOTO: A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo
FILE PHOTO: A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo

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, Reuters reported.
Revenue in the first three months of this year came in at T$592.64 billion ($18.54 billion), up from $16.72 billion in the year-ago period.
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.
The result beat an LSEG SmartEstimate of T$581.45 billion drawn from 23 analysts, weighted toward those who are more consistently accurate.
The first half of the year is traditionally quieter for Taiwanese tech firms, coming after the end-of-year holiday rush for goods like tablets and smartphones in major Western markets, but the AI trend is boosting demand even in the off season.
For March alone, TSMC reported revenue rose 34.3% year-on-year to T$195.21 billion and was up 7.5% from the previous month.
TSMC, Asia's most valuable publicly listed company with a market capitalization of $662 billion, did not provide any details or forward guidance in its brief revenue statement.
It is scheduled to report first quarter earnings on April 18, where it will also update its outlook for the current quarter and the year.
TSMC is expected to report a 4% rise in first quarter net profit, according to an LSEG SmartEstimate.
TSMC's Taipei-listed shares closed down 0.5% on Wednesday ahead of the release of the sales data. The broader market ended down 0.2%.
The chipmaker's shares have surged 37% so far this year, compared with a 16% gain for the broader market.

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Libya's NOC Says Sharara Crude Pipeline Closure Losses at 130,000 bpd

General view of the Sharara oil field in Libya (Reuters)
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Libya's NOC Says Sharara Crude Pipeline Closure Losses at 130,000 bpd

General view of the Sharara oil field in Libya (Reuters)

Libya's National Oil Corporation said on Tuesday that the Sharara-Zawiya crude loading pipeline closure has led to daily losses of about 130,000 barrels per day, Reuters reported.

An armed military group closed valve seven on the Sharara crude pipeline to Zawiya port on Monday, resulting in a significant decline in production at the Sharara oilfield, the National Oil Corporation said in a statement.

 

 

 

 

Business

Sources: Saudi Arabia Restarts East-West Oil Pipeline

FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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Sources: Saudi Arabia Restarts East-West Oil Pipeline

FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later on Tuesday, three sources briefed on the matter said.

Drone attacks forced Saudi Arabia to shut its East-West Pipeline on September 13, halting crude loadings at the kingdom's Yanbu port.

The resumption of supplies on Tuesday helped to drive selling on global oil markets, traders said. Brent crude futures fell by more than $2 a barrel to its lowest since September 8.

Two trading sources said traders were getting ready for Saudi oil loadings by moving tankers to Egypt's Mediterranean Port Said for ship-to-ship transfers and also to Sidi Kerir.

Business

EU Strikes New Free Trade Deal with the Philippines

European Commissioner for Trade and Economic Security Maros Sefcovic gives a press statement on EU-Philippines trade relations at the European Commission in Brussels, Belgium, 22 September 2026. EPA/OLIVIER HOSLET
European Commissioner for Trade and Economic Security Maros Sefcovic gives a press statement on EU-Philippines trade relations at the European Commission in Brussels, Belgium, 22 September 2026. EPA/OLIVIER HOSLET
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EU Strikes New Free Trade Deal with the Philippines

European Commissioner for Trade and Economic Security Maros Sefcovic gives a press statement on EU-Philippines trade relations at the European Commission in Brussels, Belgium, 22 September 2026. EPA/OLIVIER HOSLET
European Commissioner for Trade and Economic Security Maros Sefcovic gives a press statement on EU-Philippines trade relations at the European Commission in Brussels, Belgium, 22 September 2026. EPA/OLIVIER HOSLET

The European Union and the Philippines announced a new free trade deal on Tuesday in the latest bilateral agreement struck by Brussels as it seeks to diversify its economy as tensions persist with traditional trading partners including China, Russia and the United States.

The EU's top trade negotiator, Maroš Šefčovič, said that he and Philippine Trade Secretary María Cristina Aldeguer-Roque structured the deal to grow the nearly 30 billion euros (around $35 billion) of annual trade between the 27-nation EU and the Southeast Asian nation of 115 million people.

“It also delivers stronger, more diversified supply chains at the moment when resilience has become a strategic priority,” Šefčovič said.

Trade is dominated by electronics, with the EU exporting aircraft, pork and pharmaceuticals while importing semiconductors, integrated circuits and industrial machinery manufactured in the Philippines.

The Philippines is the third nation from the ASEAN bloc after Vietnam and Singapore to sign a bilateral trade deal with the EU. Negotiations are ongoing between the

European Commission and Thailand, Indonesia and Malaysia, while a larger free-trade agreement is hoped for in the long term between ASEAN itself and the EU.

“There is a bigger picture here too,” The Associated Press quoted Šefčovič as sayhing. “This agreement sends a clear signal that the EU is reinforcing its engagement with the Indo-Pacific.”

The EU has sought growth and stability in new trade links from Australia to Argentina as the bloc itself is beset by a geopolitical maelstrom, including conflicts in the Middle East and the war in Ukraine.

The EU also has been dealing with the need to explore alternative energy sources, heightened tensions with the Trump administration, officials from EU member states accusing Russia of hybrid attacks, and China running a gargantuan trade imbalance and a near-monopoly over critical mineral supplies.

The EU deal with the Philippines roughly tracks with the “ middle powers ” strategy laid out at the World Economic Forum in Davos, Switzerland, earlier this year by Canadian Prime Minister Mark Carney. Last week, he was the guest of honor in the European Parliament in Strasbourg at the annual State of the European Union speech by European Commission President Ursula von der Leyen.

She said then that the EU would forge a new kind of “ associated membership ” for Canada.

“In this new world, we must urgently reimagine our partnerships,” von der Leyen said during her speech.