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AI to drive strong chip market growth in 2024, says TSMC
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Foundry chip maker TSMC said that a surge of customer interest in artificial intelligence (AI) in 2023 will result in strong chip demand in 2024 with the AI compound annual growth rate running at 50 percent.
www.eenewsanalog.com/, Jan. 19, 2024 –
This view was given by CC Wei, CEO of TSMC, in a conference call to discuss TSMC's 2023 financial results and the outlook for 2024. It is a slightly more bullish point of view than that of Malcolm Penn of Future Horizons (see TSMC reports a rare year of sales contraction).
In the conference call Wei acknowledged that in 2023 the industry and TSMC had suffered a steep inventory correction (see TSMC reports a rare year of sales contraction). But the low base of 2023 and improvements in high-performance computing (including AI) and smartphone would lift the market in 2024, he said.
"We forecast the overall semiconductor market excluding memory to increase by more than 10 percent year-over-year, while foundry industry growth is forecast to be approximately 20 percent. For TSMC, supported by our technology leadership and broader customer base, we are confident to outperform the foundry industry growth. We expect our business to grow quarter-over-quarter throughout 2024, and our full year revenue is expected to increase by low to mid-20 percent in US dollar terms," said Wei.
In 2023 HPC and smartphone were responsible for 43 and 38 percent of TSMC's revenue respectively. The fact that HPC for TSMC was a flat year and smartphone revenue was down 8 percent contributed to TSMC's low growth year.
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