TSMC, the world’s largest chip contract manufacturer, reported its financial results for the second quarter of 2023 on Thursday. The company’s revenue reached NT$480.8 billion ($15.38 billion), a 10% decline year-on-year. Additionally, the firm’s net profit fell by 23.3% year-on-year to NT$181.8 billion ($5.82 billion). In the second quarter, TSMC’s advanced processes, including 5nm chips and 7nm chips, accounted for 30% and 23% of its total revenue, respectively. The annual decline was partly attributed to a strong performance in the previous year, but it also reflects a slowdown in semiconductor demand throughout 2023, amid a slow economic recovery. Although the company observed an increase in AI-related demand recently, it was not sufficient to offset the overall business slump, according to C.C. Wei, the CEO of TSMC. [Jiemian, in Chinese]