Taiwan Semiconductor Manufacturing Co. (TSMC) approved a capital budget of about USD 29.44 billion for expansion amid the ongoing artificial intelligence boom, according to a news report by Focus Taiwan.

TSMC reports 45% year-over-year growth in July sales as AI chip demand drives revenue to NT$442.68B in June and raises full-year outlook above

TSMC said its sales in July rose nearly 6% from June and 45% year over year thanks to strong demand for AI chips. But TSM stock wavered.