AI spending drives TSMC

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Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Thanks for joining me on this Tuesday, March 10th. I'm Julie Morgan. Taiwan Semiconductor Manufacturing is reporting combined revenue of $22.6 billion, the U.S. equivalent of its local currency earnings, for January and February of this year.

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That's up roughly 30 percent from the same period a year earlier, driven by continued global investment in AI technologies.

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For February alone, revenue came in at roughly $10 billion – down 20.8 percent from January, but up 22.2 percent from a year ago. TSMC, which produces chips for some of the world's largest tech companies, including Apple, Nvidia and AMD, last week said it does not expect any significant impact currently from the U.S.-Israel-Iran conflict. and continues to closely monitor the situation.

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TSMC closed 2.9% higher on Monday and is up 1.1% in pre-market action. Archer Aviation on Monday filed a countersuit accusing Joby Aviation of defrauding the U.S. government and concealing ties to China to gain a competitive advantage. In the filing in U.S.

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federal court, Archer alleged that Joby and its agents fraudulently misclassified thousands of pounds of Chinese-origin aircraft materials as consumer goods in an apparent attempt to avoid U.S.

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tariffs and foreign influence scrutiny. The countersuit comes after Joby sued Archer in California State Court in November, accusing the company of stealing trade secrets. Archer hired a former Joby employee who allegedly took confidential information about its business strategies, partnerships, and aircraft specifications. The case was moved to U.S. District Court in December.

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Archer also alleged that Joby received grants and financial support from the Chinese government. The countersuit was filed the same day the U.S. Department of Transportation announced eight grant programs aimed at accelerating the development of air taxis and drones. Three of the programs list both Joby and Archer as participants. A ground stop of all JetBlue flights has been lifted.

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The airline ordered their ground stop early this morning. It lasted less than an hour. The Federal Aviation Administration canceled the ground stop, allowing flights to resume nationwide. The company said a brief system outage was the issue. Now for a look at a few other articles that are trending. Iran says the oil blockade will persist until the attacks end.

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JP Morgan sees a 10% S&P 500 pullback on heightened war concern. And is there a return of taco trade, the oil markets edition? A few items on our Catalyst to watch for this Tuesday. Walker & Dunlop will host an Investor Day event to provide an update on the company's long-term growth strategy, with a specific focus on its five-year outlook.

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The three-day Barclays Global Healthcare Conference begins. Some of the notable companies with presentations or fireside chats include Johnson & Johnson, Baxter, and Medline. The next Summit New York conference focused on online gambling and sports betting will begin. The CEO of BetMGM is one of the confirmed speakers. And TransUnion will host an Investor Day event.