Taiwan Semiconductor Manufacturing Co. reported slowing growth in its revenue in October, potentially another indication that AI demand is moderating as the market turns frothy.

Sales in October rose 16.9%, the slowest pace since February 2024. Analysts on average expect TSMC sales to increase 27.4% in the current quarter. Still, TSMC shares have gained about 37% since the beginning of this year.

Global tech stocks suffered a rout last week on investors’ growing unease over the sector’s sky-high valuations, with Wall Street chief executives warning of an overdue market correction. Michael Burry’s Scion Asset Management also disclosed bearish wagers on Nvidia Corp.

But industry executives remain buoyant about AI-driven growth.

Meta Platforms Inc., Alphabet Inc., Amazon.com Inc. and Micr

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