Influential fund manager Gary Black highlighted that Taiwan Semiconductor Manufacturing Co. (NYSE:TSM), The chipmaker, whose products are used by companies such as Apple Inc. (NASDAQ:AAPL) and Nvidia Corp. (NASDAQ:NVDA) is on the brink of becoming the eighth company to reach a $1 trillion market cap. This comes after the company’s second-quarter revenues exceeded expectations.
What Happened: Black shared his insights on X, formerly Twitter, “In today’s pre-mkt summary for Subscribers: $TSM 2Q revenues blew past expectations, and is on the verge of becoming 8th company to reach $1T market cap.”
Why It Matters: As per their official press release, TSMC’s net revenue for June 2024 amounted to approximately NT$207.87 billion ($6.38 billion). This figure indicates a 9.5% decrease from May 2024, but a significant 32.9% increase compared to June 2023.
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Furthermore, TSMC’s revenue for the first half of 2024 reached NT$1,266.15 billion ($38.85 billion), which represents a 28% increase compared to the same period in 2023.
Ahead of this announcement, Morgan Stanley had upped its target on the stock by roughly 9%, predicting that TSMC will raise its full-year sales forecast in the earnings announcement. The brokerage also anticipated TSMC to increase wafer prices due to its robust bargaining power.
Price Action: On Wednesday, TSMC was trading 2.43% higher at $189 in the pre-market after closing at $188.8 on Tuesday, according to Benzinga Pro. The stock has been performing well, with a 52-week high of $192.8 and a low of $84.015.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
