Thanks to robust demand from artificial intelligence firms, Taiwan Semiconductor Manufacturing Co (NYSE:TSM) exceeded first-quarter financial expectations. The company’s revenue surged 16.5% to $18.87 billion, surpassing the Street consensus estimate of $18.40 billion, while net income increased by 8.9% to $6.97 billion. The stock price declined after the Q1 print. Advanced technologies, particularly those beyond the 7-nanometer process, contributed 65% of TSMC’s total revenue.  Notably, Apple Inc (NASDAQ:AAPL), TSMC’s largest client, has reportedly reserved the majority of TSMC’s initial 2-nanometer production capacity for developing advanced processors, which made up 25% of TSMC’s annual revenue in 2023.  Nvidia Corp (NASDAQ:NVDA) also stands out as a critical customer, accounting for approximately 11% of TSMC’s revenue. CFO Wendell Huang forecasted a robust second quarter for 2024, highlighting the anticipated support from solid demand for their cutting-edge 3-nanometer and 5-nanometer technologies despite the seasonal fluctuations in ...