In early trade, Taiwan Semiconductor Manufacturing Co Ltd's shares underperformed a 1.65% fall in the broader index (.TWII).
While the company's declining revenue and profit were disappointing, its long-term growth prospects remain encouraging," Brady Wang, associate director at Counterpoint Research, said.
"Despite facing macroeconomic headwinds, TSMC's long-term outlook remains robust, supported by megatrends like 5G and high-performance computing (HPC)."
Other analysts were also upbeat on TSMC, thanks in part to strong demand for artificial intelligence (AI), which currently contributes around 6% of revenue.
"We expect a solid 2024 onward outlook on the back of its leading position in AI chip manufacturing," Citi Research analysts said in a note.
Persons:
TSMC, Brady Wang, Goldman Sachs, Yimou Lee, Sarah Wu, Anne Marie Roantree
Organizations:
Taiwan Semiconductor Manufacturing, Counterpoint Research, Citi Research, Thomson
Locations:
TAIPEI, Arizona, 4Q23