apple inc AAPL-Offerer Taiwan Semiconductor Mfg. Co.Ltd. TSM Shares rose over 5% in the Taiwan trading session after the company posted an 80% increase in its third-quarter net income to NT$280.87 billion (US$8.81 billion). This is the company strongest growth in two years.

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Other chip-related stocks such as ASE Technology Holding Co Ltd ASX and MediaTek Inc. MDTKFalso rose over 4% in morning trade in Taiwan.

Based on TSMC’s current business outlook, management expects fourth quarter revenue to be between $19.9 billion and $20.7 billion. Wendell HuangTSMC’s VP and Chief Financial Officer said on Thursday, “Looking ahead to the fourth quarter of 2022, we expect our business to be flat as end-market demand weakens and ongoing customer inventory adjustment through a continued ramp-up compensated for by our industry-leading 5nm technologies,” said Huang.

While companies like Advanced Micro Devices, Inc. AMD and Micron technologyinc mu Having warned of weakening demand, analysts believe TSMC’s strong order book could be attributed to its dominance in manufacturing some of the world’s most advanced chips.

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