TSMC, the contract manufacturer that produces the most advanced chips on the market, is projected to post a quarterly profit that would set a new company record, driven by growing corporate spending on artificial intelligence infrastructure.

Forecasts compiled by LSEG SmartEstimate, drawing on projections from 16 analysts, point to a third-quarter net profit of T$746.3 billion ($23.4 billion) for the chipmaker — a figure that would represent a 65% gain year on year for the company, which counts both Nvidia and Apple among its principal customers. Verification of those numbers would place TSMC at six unbroken quarters of peak earnings and extend its run of expanding profits to eleven consecutive quarters.

Quarterly earnings at the firm eclipsed the T$706.56 billion threshold that had stood as its prior record for a single three-month period. Third-quarter revenue at TSMC climbed 50% against the same period a year earlier, pushing the chipmaker's quarterly earnings to a record level while coming in ahead of what analysts had projected.

Appetite for its 3-nanometer chips and CoWoS packaging technology remains robust, underpinning the company's expansion trajectory. Charlie Chan of Morgan Stanley sees TSMC revising its full-year revenue growth guidance to the low-to-mid 40% band, nudging above the chipmaker's current projection of more than 40%.

Thursday's earnings release will draw attention from the market, with analysts and shareholders focused on fourth-quarter guidance, spending plans for capital projects, and any moves toward expanding the business into the United States.

Across its Arizona-based chip fabrication footprint, TSMC has directed a total of $265 billion in planned capital, a figure that grew by $100 billion following a pledge disclosed in July. Texas has also surfaced as a potential site the firm is weighing for future semiconductor manufacturing.

Plans put forward by Elon Musk call for his portfolio of companies to build and run the Terafab AI chip manufacturing complex, with TSMC named as a potential tenant for a portion of the site. According to Phelix Lee, an analyst at Morningstar, the push into Texas carries no immediate urgency given that multiple factory projects in Arizona have yet to reach completion. Texas's appeal as a destination for semiconductor investment was projected to grow through the 2030s and into the 2040s, according to his assessment.

A revised capital expenditure outlook issued by TSMC in July put the chipmaker's planned spending for the full year at somewhere between $60 billion and $64 billion, a range that points to sustained buildout of its advanced manufacturing operations.

At roughly $2.1 trillion, the company's total market value stands at close to double the figure recorded for Samsung Electronics. Shares listed on the Taiwan exchange have posted a 63% advance so far this year, trailing the broader market's 69% gain across the same period.

Chipmakers' financial results, TSMC's among them, have drawn closer attention as investment in artificial intelligence infrastructure continues to build across the world.