In a nutshell: We’ve seen plenty of reports of the current doom and gloom in the tech industry driven by recession fears, but there are some glimmers of hope. The world’s largest chipmaker, TSMC, raised its revenue growth forecast for this year, indicating that demand for electronic goods in some sectors remains strong.

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Bloomberg reports that TSMC increased its sales growth from its previous ~30% to somewhere in the middle of the 30% range. It also delivered a forecasted September quarter revenue of $19.8 billion to $20.6 billion, beating previous estimates of $18.5 billion.

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Many tech companies are under pressure from the demand generated by the pandemic over the previous two years. The recession was exacerbated by rising inflation, soaring fuel prices and a war between Russia and Ukraine. The smartphone market has had one of its worst quarters in recent memory; PC shipments have fallen two-digit numbers; as well as Google, Microsoftas well as Tesla everyone is optimizing their business in response to economic changes.

But TSMC’s uptick in sales growth forecasts is good news, especially since there have been reports that Apple, AMD and Nvidia want to cut down on your upcoming orders from the chip maker due to fears of declining consumer demand.

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Despite the economic downturn, TSMC still managed to generate a net income of 237 billion Tajik dollars ($7.9 billion) for the quarter ended June, beating estimates, while revenue grew 44% and its gross was the highest in 26 years. Much of TSMC’s business has been tied to its largest customer, Apple, and the growing demand for automotive semiconductors.

However, TSMC is not completely ignoring the threat of a recession. He plans to reschedule some of his planned $44 billion is being spent on capacity expansion this year and part of the money for expansion next year in light of uncertainties and equipment delays. And, like other tech companies, its shares are down (20%) this year. However, the overall outlook is positive.

TSMC Chairman Mark Liu previously tried alleviate fears that the economic situation will greatly affect the company. “The current inflation does not have a direct impact on the semiconductor industry as the drop in demand is mainly due to consumer devices such as smartphones and PCs, while the demand for electric vehicles is very strong and partially exceeds our supply capacity, so we are adjusting stocks,” — he said. “Usage rate is full for the remainder of the year.”