TSMC raised its revenue outlook for 2024 to reflect stronger than expected demand for chips used in artificial intelligence applications. The company reported quarterly profits that beat analyst estimates, with revenue growing to a record high. ASML's increase in second-quarter order bookings indicates robust progress in TSMC's N2 development, which is set to begin mass production in late 2025 at a price higher than its N3 process. AI-related chips now make up over 50% of TSMC's revenue, the first time a single application has comprised over half of total sales.