TSMC v Arizoně přechází z brzdy marží na motor zisku, podpořený silnou cenotvorbou a vysokým využitím kapacit. Omezuje ji už spíš kapacita výroby než poptávka.
SummaryTaiwan Semiconductor Manufacturing Company remains a Buy as Arizona operations shift from margin drag to profit driver, supported by strong pricing power and utilization.TSMC's monthly revenue patterns and FX headwinds explain recent margin pressures, but these are temporary and largely anticipated within current guidance.Capacity constraints, not demand, now limit TSM revenue growth; advanced packaging lines are sold out through 2027, with construction labor the main bottleneck.Tariff risks tied to U.S. investment create a new strategic imperative, making capital spending a toll for market access, but current U.S. expansion supports near-term upside. mesh cube/iStock via Getty Images
Back in July, I rated Taiwan Semiconductor Manufacturing Company Limited, aka TSMC (TSM), a Buy at roughly $424, and the reasoning was simple enough: the stock traded at well under half the multiple its growth
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Intel a ASML oznámily, že na High-NA EUV bylo zpracováno více než milion waferů, včetně výrobních vrstev procesorů Panther Lake. Intel je tak u nejnovější generace nástrojů ASML o roky před konkurencí.
Intel just hit a lithography milestone that puts every rival chipmaker years behind, and the stock is surging against a falling market. Whether that lead translates into a lasting foundry turnaround is the question investors are now pricing in real…
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A deepened High-NA EUV (high numerical aperture extreme ultraviolet) collaboration is lifting Intel (NASDAQ:INTC | INTC Price Prediction) and ASML Holding (NASDAQ:ASML) in Tuesday morning trading, with the semiconductor equipment story cutting against a softer market backdrop. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.15%, so both names are climbing against a weaker tape. AI-related lithography demand is the anchor.
Intel stock is up 5% to $101, extending a run that has shares up 172% year to date. Today’s catalyst is a joint update from Intel Foundry and ASML confirming that more than one million wafers have been processed on High-NA EUV equipment, including production layers of Intel’s Core Ultra processors code-named Panther Lake. That milestone puts Intel years ahead of every other logic foundry on the newest generation of ASML tools.
Meanwhile, ASML stock is up 3% to $1,773, with the Dutch equipment maker’s year-to-date advance now at 67%. Taiwan Semiconductor Manufacturing (NYSE:TSM) shares are up 3% to $438, riding the same wave of AI-driven capacity demand.
Panther Lake Milestone Anchors the Move Intel confirmed at its Q2 2026 report that high-volume manufacturing began for Panther Lake using ASML’s EXE High NA EUV technology, and today’s update quantifies how far that ramp has traveled. Intel said the machines are performing as expected on accuracy, speed and availability, and ASML chief executive Christophe Fouquet called Intel one of the key leaders of the industry’s adoption of High NA. That endorsement from the only vendor of leading-edge lithography carries weight for the external foundry customers Intel is still trying to sign.
The economics matter for both sides. ASML is the only company supplying EUV lithography systems at commercial scale, so a rival chipmaker committing to the tools generates revenue for ASML, which is why the equipment maker and its lead customer are rising on the same headline (the power, cooling, and networking suppliers riding the same AI buildout are the subject of a free report we put together here). Intel Foundry booked $5.765 billion of revenue in Q2, up 31% year over year, even as the segment reported a $2.1 billion operating loss as its capacity investments ramp.
Rivals Trail by Years Intel’s lead sits on a clear calendar. Samsung Electronics plans to bring High-NA EUV into high-volume DRAM manufacturing by 2028, and Taiwan Semiconductor plans to use it for advanced-node production starting in 2030, having previously argued the productivity gains didn’t justify the cost. That gap is the clearest technical evidence yet that Intel’s foundry turnaround rests on more than politics.
ASML’s Q2 2026 results already flagged the moment. The company reported first high-volume Logic product qualification on select Intel 18A product layers, and Fouquet stated that “The maturity of the platform is improving towards the level required for insertion into high-volume manufacturing.” ASML also raised its full-year 2026 sales outlook to between €43 billion and €45 billion, with plans to add 30% to 2026 low NA EUV capacity of around 65 units for 2027.
According to CNBC reporting Tuesday morning, TSMC and Samsung have both committed to ASML’s newest chipmaking tools as AI drives demand. Their commitments extend the ASML order story even as their own High-NA production ramps sit years out.
What to Watch Next A second and unrelated support sits under Intel’s move today. President Trump posted an AI-generated image on Truth Social depicting himself trading Intel shares and claimed he has made hundreds of billions of dollars on stocks for the U.S., a post that offered no evidence and comes against the backdrop of the administration’s equity stake in Intel. Some of today’s flows likely trace to that political overlay alongside the lithography update itself.
Intel’s foundry momentum is real, with Q2 2026 revenue of $16.13 billion, up 25.4% year over year and described as Intel’s strongest revenue growth in more than 15 years. Yet, investors sizing their positions should stay measured given how much optimism the 172% year-to-date figure already reflects. A cautious position size limits their risk if the next Panther Lake yield update disappoints.
A hold above $100 for Intel stock into Tuesday’s close would show the lithography story is doing the work, and continued strength in ASML shares would be the cleanest confirmation. Traders can watch for a Q3 update from Intel on Panther Lake volumes and Intel 18A yield progression to gauge whether the foundry turnaround has passed its inflection point.
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Akcie ASML v úterý vzrostly asi o 2 %, protože Samsung, TSMC a Intel pokračují v plánech na využití nových systémů High-NA. Přechod na 12palcové fotomasky může zvýšit propustnost až o 40 %.
ASML Stock Rallies as Samsung, TSMC and Intel Advance High-NA Plans Summary
A planned shift to 12-inch photomasks could raise High-NA equipment throughput by as much as 40%
ASML Holding ASML gained about 2% on Tuesday as investors assessed progress by major chipmakers toward adopting the company's newest High-NA extreme ultraviolet lithography systems.
Samsung Electronics, Taiwan Semiconductor Manufacturing and Intel are moving forward with plans to use the advanced equipment. The companies are also working with ASML on a shift from six-inch photomasks to a 12-inch format.
ASML Holding (ASML) said the larger masks could raise High-NA system throughput by as much as 40%. Higher throughput could help chip manufacturers improve production efficiency as demand for processors used in artificial intelligence applications continues to expand.
The companies are also taking a longer-term approach to the technology. Taiwan Semiconductor Manufacturing (TSM) and ASML plan to establish a 12-inch mask test line by 2031, with commercial manufacturing targeted for 2033.
ASML Chief Technology Officer Marco Pieters said the larger mask format could support higher productivity from High-NA equipment. Intel (INTC) and Samsung Electronics are also participating in the development effort, highlighting broader industry interest in the next generation of lithography technology.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
TSMC a Samsung se zavázaly používat nejnovější stroje High NA EUV od ASML pro pokročilé čipy, protože poptávka po AI zvyšuje potřebu složitější výroby. Samsung je chce nasadit na DRAM od roku 2028.
Samsung and TSMC, the world's two biggest chipmakers, have committed to using ASML's High NA extreme ultraviolet (EUV) lithography machines, as demand grows for more advanced chips.
ASML's EUV lithography machines are critical tools that are used to print circuit patterns onto silicon wafers during the chipmaking process. The High NA machines can print smaller and more intricate patterns. This tool can cost around $400 million.
Samsung, one of the world's biggest memory chipmakers, said it would use ASML's machines to produce DRAM, a key type of memory, from 2028.
Samsung said it would adopt the technology in 2030, adding that it would "extend the DRAM scaling roadmap" and make the process more efficient.
ASML stock over the last 12 months.
TSMC said it would use ASML's tools for advanced chips and expects use of High NA machines to rise, "driven primarily by the increasingly complex transistor architectures required for AI applications."
Investors see the success of High NA EUV machines as key to ASML's future growth as the stock looks to extend a 120% run over the last year.
Barclays said in a note on Tuesday that the announcements "should provide more visibility on adoption which has been a key debate," adding that the news is "a positive."
Shares of Amsterdam-listed ASML were flat-to-lower in early trading on Tuesday.
Samsung and TSMC join Intel as customers for ASML's High NA machines. In July, ASML said that Intel is using the High NA EUV technology for advanced chip manufacturing.
ASML has not given a recent forecast on how many of the machines it expects to sell but has said that it will add about 30% capacity for EUV in total in 2027.
The analysts at Barclays said the announcements give ASML more visibility into planning.
"We see ASML with a significant decision ahead on whether to further expand EUV capacity than the recently expanded targets it has already given. Demand is clearly strong," Barclays said.
TSMC and Samsung will also join ASML in an industry initiative to advance next-generation 12-inch photmask technology, upgrading from the current 6-inch format. A key part of chip production, photomasks are effectively the stencils used to print the patterns on the wafers.
ASML said the benefits of a larger photomask include better productivity and lower chipmaking costs.
TSMC investuje 265 miliard USD v Arizoně, protože USA a Evropa tlačí na přesun výroby čipů mimo Tchaj-wan. Firma zároveň čelí vyšším nákladům mimo domácí základnu. Další tchajwanské firmy navíc plánují v USA investice za 20 miliard USD.
TSMC's $265 Billion U.S. Bet Is Becoming Part of Taiwan's Chip Diplomacy Summary
TSMC is investing $265 billion in Arizona
Taiwan Semiconductor Manufacturing Co. (TSM, Financials) has built one of the most prominent positions in global technology over decades. That position is now splitting the organization in two directions.
Taiwan wants to keep innovative chip-making at home. The U.S. and Europe want to produce more of it domestically. TSMC is already reacting.
The business is investing $265 billion in Arizona and other Taiwanese companies are planned another $20 billion in investment in the U.S. It's not only about factories.
TSMC manufactures many of the powerful circuits that fuel the AI growth including chips designed by Nvidia. That makes Taiwan hugely significant in a supply chain that is increasingly seen as strategic by countries. The pressure to move production offshore is only intensifying.
US authorities have cautioned that chip tariffs could hurt companies who do not produce products in the US. Meanwhile, Europe is seeking to attract more investment from Taiwan. The closeness of TSMC to its clients can help offset geopolitical risk.
But there's a catch. It costs more to produce chips outside Taiwan and TSMC's edge has always been about manufacturing efficiency.
That leaves investors with one clear question. TSMC can develop more plants across the world. The harder thing is doing it without throwing out the economics that made the corporation so dominant.”
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Crow's Nest Holdings LP ve 2. čtvrtletí snížil podíl v Taiwan Semiconductor Manufacturing Co. o 17,8 % na 185 000 akcií. TSMC zůstává jeho největší pozicí s váhou 26,7 % v portfoliu.
Crow s Nest Holdings LP reduced its holdings in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM – Free Report) by 17.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 185,000 shares of the semiconductor company’s stock after selling 40,000 shares during the quarter. Taiwan Semiconductor Manufacturing accounts for 26.7% of Crow s Nest Holdings LP’s portfolio, making the stock its biggest holding. Crow s Nest Holdings LP’s holdings in Taiwan Semiconductor Manufacturing were worth $88,350,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Quattro Advisors LLC purchased a new stake in Taiwan Semiconductor Manufacturing in the fourth quarter worth approximately $25,000. Hilton Head Capital Partners LLC purchased a new stake in Taiwan Semiconductor Manufacturing during the 4th quarter valued at $27,000. Strategic Advocates LLC raised its stake in Taiwan Semiconductor Manufacturing by 62.1% during the 4th quarter. Strategic Advocates LLC now owns 94 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 36 shares during the last quarter. Basepoint Wealth LLC bought a new position in shares of Taiwan Semiconductor Manufacturing during the 4th quarter valued at $31,000. Finally, Evolution Wealth Management Inc. lifted its holdings in shares of Taiwan Semiconductor Manufacturing by 257.7% during the 1st quarter. Evolution Wealth Management Inc. now owns 93 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 67 shares during the period. 16.51% of the stock is owned by hedge funds and other institutional investors.
Taiwan Semiconductor Manufacturing Trading Up 0.0% Shares of Taiwan Semiconductor Manufacturing stock opened at $429.07 on Monday. Taiwan Semiconductor Manufacturing Company Ltd. has a 1-year low of $237.90 and a 1-year high of $479.00. The company’s fifty day simple moving average is $420.63 and its 200-day simple moving average is $398.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.46 and a quick ratio of 2.25. The stock has a market capitalization of $2.23 trillion, a PE ratio of 30.96, a P/E/G ratio of 0.98 and a beta of 1.39.
Taiwan Semiconductor Manufacturing (NYSE:TSM – Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The semiconductor company reported $4.28 EPS for the quarter. The firm had revenue of $39.89 billion during the quarter. Taiwan Semiconductor Manufacturing had a return on equity of 39.25% and a net margin of 50.31%. As a group, equities analysts anticipate that Taiwan Semiconductor Manufacturing Company Ltd. will post 16.52 earnings per share for the current year. Taiwan Semiconductor Manufacturing Cuts Dividend The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Thursday, December 10th will be paid a $1.0854 dividend. The ex-dividend date of this dividend is Thursday, December 10th. This represents a $4.34 annualized dividend and a dividend yield of 1.0%. Taiwan Semiconductor Manufacturing’s dividend payout ratio (DPR) is 21.43%.
Insider Buying and Selling In related news, VP Bor-Zen Tien acquired 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The stock was bought at an average cost of $74.39 per share, for a total transaction of $223,170.00. Following the purchase, the vice president owned 4,000 shares in the company, valued at $297,560. The trade was a 300.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Shyue-Shyh Lin bought 2,000 shares of Taiwan Semiconductor Manufacturing stock in a transaction that occurred on Sunday, July 19th. The stock was purchased at an average cost of $71.71 per share, with a total value of $143,420.00. Following the completion of the acquisition, the vice president directly owned 28,269 shares in the company, valued at $2,027,169.99. This represents a 7.61% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 19,512 shares of company stock valued at $1,450,270 in the last 90 days. Corporate insiders own 1.11% of the company’s stock.
Taiwan Semiconductor Manufacturing News Summary Here are the key news stories impacting Taiwan Semiconductor Manufacturing this week:
Positive Sentiment: TSMC is developing a three-hectare laboratory aimed at speeding supplier validation and addressing its advanced-packaging bottleneck. Because the facility is intended to improve production efficiency rather than add another multibillion-dollar fab, investors may view it as a relatively capital-efficient way to support growing AI-chip demand. TSMC Jumps as a Three-Hectare Lab Attacks Its Packaging Bottleneck Positive Sentiment: Goldman Sachs says the AI spending cycle may still be in its early stages, supporting the outlook for TSMC’s leading-edge manufacturing and packaging businesses. Goldman Sachs Says the AI Trade Is Barely Started Positive Sentiment: Citi identified TSMC as a stock to watch if Apple’s next premium iPhones, including a potential foldable model, command higher prices. More expensive devices could support Apple’s component spending and TSMC’s high-end chip demand. Apple’s New Foldable iPhone Could Cost $2,000 Positive Sentiment: Coverage points to rising demand for specialized cleaning chemicals and other materials required by advanced AI-chip fabs, reinforcing the view that TSMC’s strong margins are supported by a broad semiconductor supply chain. TSMC’s 67.7% Margin Now Needs Twice the Cleaning Chemistry Positive Sentiment: Analyst commentary describes TSMC as a “picks-and-shovels” beneficiary of the AI buildout and argues that its customer diversification and manufacturing position may make it more attractive than many major technology stocks. TSMC Is a Better Buy Than Any of the Magnificent Seven Stocks Neutral Sentiment: Senior Vice President Shu-Hua Fang disclosed a purchase of 2,000 shares, increasing personal ownership by 32.23%. The insider buying is supportive sentiment, though the transaction was disclosed well after the purchase and is small relative to TSMC’s market value. SEC insider trading filing Negative Sentiment: One valuation analysis estimates TSMC may be about 9% above fair value, while its planned investments in Arizona and Europe increase capital requirements. Investors may therefore remain sensitive to execution risks, returns on new capacity, and any slowdown in AI spending. TSMC Could Be 9% Above Fair Value As Capex Plans Grow Analysts Set New Price Targets Several analysts recently commented on TSM shares. Weiss Ratings raised Taiwan Semiconductor Manufacturing from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, August 26th. Wall Street Zen cut Taiwan Semiconductor Manufacturing from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 8th. TD Cowen increased their target price on Taiwan Semiconductor Manufacturing from $400.00 to $440.00 and gave the company a “hold” rating in a report on Friday, July 17th. Bank of America raised their target price on Taiwan Semiconductor Manufacturing from $490.00 to $590.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, Susquehanna boosted their price target on Taiwan Semiconductor Manufacturing from $575.00 to $600.00 and gave the company a “positive” rating in a research note on Thursday, July 16th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $523.22.
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Taiwan Semiconductor Manufacturing Company (TSMC) is a leading pure-play semiconductor foundry that provides wafer fabrication and related services to the global semiconductor industry. Founded in 1987 by Morris Chang and headquartered in Hsinchu, Taiwan, TSMC manufactures integrated circuits on behalf of fabless and integrated device manufacturers, offering contract chip production across a broad set of technologies and products.
TSMC’s service offering covers logic and mixed-signal process technologies, specialty processes for radio-frequency, power management and embedded memory, and advanced nodes used in mobile, high-performance computing and AI applications.
Read More Five stocks we like better than Taiwan Semiconductor Manufacturing AI Token Costs Are Changing the Hardware vs. Software Debate 3 ETFs That Could Move as Rate Expectations Shift 3 Stocks With September Catalysts Investors Shouldn’t Ignore Ollie’s Bargain Outlet Stock Falls on Weak Comps Despite Margin Gains Want to see what other hedge funds are holding TSM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM – Free Report).
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TSMC udržela 73% podíl na trhu zakázkové výroby polovodičů už druhé čtvrtletí po sobě díky silné poptávce po AI. Firma zároveň zvyšuje kapacity N3 a investuje dalších 100 miliard USD v Arizoně do wafer fabů pro N2 a nižší technologie a pokročilého balení.
Key Takeaways TSMC held a 73% foundry share for the second straight quarter as AI demand boosted revenues.TSMC is expanding N3 capacity globally and adding $100 billion in Arizona investment for N2 and below.TSMC sees strong interest in A14, with pre-production set for 2027 and volume production in 2028. The pure-play foundry sector continued to benefit from the surge in artificial intelligence (AI)-related demand in the second quarter of 2026, with revenues rising 29% year over year, according to Counterpoint Research. Capacity reallocation remained a major cause of supply-demand imbalances across both advanced and mature nodes. Taiwan Semiconductor Manufacturing Company (TSM - Free Report) , or TSMC, maintained its dominant position, capturing 73% market share for the second consecutive quarter. This is supported by the company’s mass production of 2-nanometer (N2) chips, the ramp-up of 3-nanometer (N3) production, tight supply across 8-inch and 12-inch mature nodes and advanced packaging.
Reflecting this momentum, TSM stock has risen 41.1%, far outpacing the sector’s 17.9% growth and the S&P 500 composite’s 12% return.
Image Source: Zacks Investment Research
TSMC remains far ahead of the other pure-play foundries. United Microelectronics Corp. (UMC - Free Report) held a 4% share of the market in the first half of 2026, matching its performance from the third and fourth quarters of 2025. Just below UMC, GlobalFoundries (GFS - Free Report) maintained a 4% market share throughout 2025, before edging down to 3% in the first half of 2026.
Factors Supporting TSMCThe company’s near-term outlook is being shaped by sustained strong demand for its leading-edge process technologies. The AI boom continues to drive demand for greater computing power, supporting strong demand for leading-edge silicon. Management said its customers and their customers, particularly cloud service providers, continue to provide strong demand signals, keeping its confidence in the multi-year AI trend high.
The rise of agentic AI is bringing CPUs back into a more prominent role in AI data centers, adding to silicon demand beyond AI accelerators. TSMC expects to benefit from this trend, regardless of whether customers use x86, Arm-based or RISC-V architectures. The company is already working with its CPU customers to provide the advanced technologies and capacity needed to pursue opportunities in agentic AI.
TSMC is also stepping up its capital spending, which management says is correlated with higher growth opportunities in the following years. The company is building 13 leading-edge and advanced packaging fabs in Taiwan and plans to continue investing in the country. It also announced an additional $100 billion investment in Arizona for wafer fabs supporting N2 and below technologies, along with advanced packaging facilities, to meet strong multiyear demand from its leading U.S. customers.
Execution also continues for TSMC’s global plan to add three additional N3 fabs — one each in Taiwan, Arizona and Japan to support the robust multiyear pipeline of demand. The company is also converting 5-nanometer (N5) tools in Taiwan to support N3 capacity while optimizing capacity across nodes, including flexible support among N7, N5 and N3.
TSMC’s A14 technology is progressing as planned, with pre-production set for 2027 and volume production in 2028. Compared with N2, A14 is expected to deliver 10% to 15% higher performance at the same power or 25% to 30% lower power at the same speed, along with nearly 20% higher chip density. The company is observing a strong level of customer interest and engagement from both smartphone and High-Performance Computing AI applications, with customer tape-out activity already underway and ahead of schedule.
Technical indicators also signal a sustained bullish trend, as TSMC currently trades above its 50- and 200-day simple moving averages.
Image Source: Zacks Investment Research
TSMC’s ValuationBased on the forward 12-month Price/Earnings (P/E), TSM trades at 21.84X compared with its median of 24.39X. The stock also stays cheaper than GlobalFoundries, which trades at a P/E of 23.43X compared with the 29.03X median.
Image Source: Zacks Investment Research
Meanwhile, United Microelectronics sits with a P/E of 18.20X, a discount relative to TSMC, though still at a premium to its own median of 16.92X.
Image Source: Zacks Investment Research
ConclusionTSMC once again maintained a wide lead over its pure-play foundry peers, backed by continued progress in leading-edge process technologies and advanced packaging. Its stock has delivered a stronger return than both the sector and the broader market. The company also sees an opportunity in agentic AI, which is increasing the role of CPUs in AI data centers and adding to demand beyond AI accelerators. TSMC is also expanding its N3 capacity globally while advancing its next-generation A14 technology.
Technical indicators suggest that the shares will continue to rise. With its current earnings multiple still below the historical median, TSMC offers an appealing investment opportunity at this time.
TSM sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Taiwan Semiconductor ve 2. čtvrtletí zvýšila výnosy o 36 % na NT$1,27 bilionu a čistý zisk vzrostl o 77 %. Firma zároveň čeká ve 3. čtvrtletí výnosy 44,6 až 45,8 miliardy USD.
Taiwan Semiconductor Manufacturing (TSM +2.85%) is already worth about $2.2 trillion, with shares of the chip foundry trading at about $427 as of this writing.
My prediction: The company's market value passes the $3 trillion mark before 2029. To be specific, that means sometime before the end of 2028, about two years and four months away.
That may sound like a bold call. The stock would need to reach about $580 per share, about 21% above its 52-week high of $479.
But the yearly return the milestone requires is more ordinary than it sounds. And it's a fraction of the pace TSMC's business is growing at today.
Image source: TSMC.
TSMC needs about 14% a year to get thereGoing from about $2.2 trillion to $3 trillion is a gain of about 35%. Spread over that stretch, it works out to about 14% compounded annually.
For a business growing the way TSMC is right now, that isn't a high bar.
I'm not assuming investors pay more for each dollar of TSMC's earnings than they do today, either. If the stock's price-to-earnings multiple simply holds steady, the share price should track earnings growth over time. In other words, earnings compounding at about 14% a year through 2028 could arguably get the company there on its own.
A 40% yearHighlighting how far ahead of that bar the business is running, TSMC's second-quarter revenue rose 36% year over year to NT$1.27 trillion ($40.2 billion in U.S. dollars), while net income surged 77%. Gross margin was 67.7%, a big step up from 58.6% a year before. And the momentum has carried into the second half of the year. July revenue rose about 45% year over year, putting revenue through the first seven months of 2026 up 37%.
Management expects more of the same. Guidance calls for third-quarter revenue of $44.6 billion to $45.8 billion. Against the year-ago quarter's $33.1 billion, the midpoint represents about 37% growth -- an acceleration from the second quarter's pace in dollar terms.
In July, management also raised its full-year outlook to revenue growth slightly above 40% in U.S. dollar terms.
"Moving into third quarter 2026, we expect our business to be supported by continued strong demand for our leading-edge process technologies, including the steep ramp-up of our 2-nanometer technology," said Wendell Huang, TSMC's chief financial officer, in the company's second-quarter earnings release.
The company is spending like it expects the demand to last, too. Management now plans $60 billion to $64 billion of capital spending in 2026, up from its earlier budget, and it announced an additional $100 billion investment in Arizona to build several more leading-edge chip fabs and advanced packaging plants.
What could go wrong?The main risk is concentration.
High-performance computing accounted for 66% of TSMC's revenue in the second quarter, tying the company's growth closely to the artificial intelligence (AI) build-out. If the biggest spenders on AI infrastructure pull back, growth could slow quickly.
Of course, margins could give back some ground, too. Gross margin guidance of 65% to 67% for the third quarter sits below the 67.7% the company just posted. If profitability drifts lower from here, earnings could grow more slowly than revenue does -- and it's earnings growth, not revenue growth, that has to average about 14%.
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But the prediction can absorb a lot of deceleration. Say revenue growth halves to 20% in 2027, then halves again to 10% in 2028.
Even that path compounds at about 15% a year over those two years, still above the requirement, assuming profit margins hold near current guidance and the price-to-earnings multiple stays put. And it leaves out the rest of 2026, when growth is running at about three times that pace.
The scenario I take more seriously, however, is a market that changes its mind. If investors sour on AI infrastructure spending, they could pay less for each dollar of TSMC's earnings even while those earnings keep growing. A compressing price-to-earnings multiple would likely raise the bar on the business -- possibly well past 14% a year.
Ultimately, though, a business guiding for revenue growth slightly above 40% this year clears a 14% hurdle with plenty of room to spare, even if growth fades hard through 2027 and 2028. I expect Taiwan Semiconductor's market value to top $3 trillion before the end of 2028.
Solvay na Tchaj-wanu více než zdvojnásobí kapacitu výroby ultracistého peroxidu vodíku z 35 000 tun ročně na více než 70 000 tun ročně do konce roku. Tento elektronický chemický materiál je klíčový pro čištění waferů v pokročilých továrnách na AI čipy společnosti TSMC.
A supplier's Taiwan expansion reveals the overlooked materials required to keep advanced AI-chip fabs running. Summary
Leading-edge chips depend on an expanding chemical supply chain.
At $411.3263, Taiwan Semiconductor Manufacturing TSM, the world's dominant contract chipmaker, picked up another supply-chain boost in its home market. Solvay plans to more than double Taiwan's annual production capacity for ultra-pure hydrogen peroxide—from 35,000 tonnes to over 70,000 tonnes—by year-end, Reuters reported Thursday.
Hydrogen peroxide sounds basic. Chipmaking purity is not. Foundries use the electronic-grade chemical to clean wafers, where a microscopic contaminant can destroy increasingly complex circuitry. Solvay is scaling its Tainan joint venture and targeting a threefold expansion of its global electronic-grade peroxide business within five to seven years.
TSMC's second-quarter results delivered $40.2 billion in revenue, a 67.7% gross margin and a stunning 60.3% operating margin. Solvay's expansion will not directly guarantee more chip sales, but suppliers rarely double capacity without seeing serious demand ahead. The valuation picture supplies the catch: TSMC's $411.3263 share price sits 27.52% above its $322.57 GF Value™, showing that investors already expect near-flawless execution.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
TSMC ve druhém čtvrtletí zvýšila tržby o 33,7 % na 40,2 miliardy USD a hrubá marže dosáhla 67,7 %. Firma zároveň rozšiřuje výrobu v USA a Německu, což může vyvíjet tlak na marže.
Taipei is selling political reliability while overseas expansion tests whether TSMC can preserve extraordinary fabrication economics. Summary
Trust wins orders; global factories must preserve margins.
Taiwan Semiconductor Manufacturing TSM, the world's largest contract chipmaker, inched roughly 0.2% higher to $414.62 Wednesday as Taiwan turned political stability into a semiconductor selling point. President Lai Ching-te said democracy and the rule of law underpin the island's position as a trusted chip supplier. In a fragile global supply chain, trust has become a competitive weapon.
The numbers make that weapon even stronger. TSMC's second-quarter results showed revenue rocketing 33.7% to $40.2 billion. Gross margin hit 67.7%, operating margin reached 60.3% and net margin climbed to 55.6%. Better still, its cutting-edge two-nanometer process already contributed 3% of wafer revenue. The next chip cycle is not approaching—TSMC is already monetizing it.
Now comes the expensive part. TSMC plans approximately $265 billion of U.S. manufacturing investment while joining a €3.5 billion German facility. These factories spread geopolitical risk, but higher overseas labor, construction and utilization costs could squeeze the margins investors love. The picture captures that tension: at $414.62, the stock trades 32.12% above its $313.81 GF Value estimate. The market already believes in TSMC's dominance. Now the company must prove that global expansion will not weaken the profit machine.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
TSMC zvýšila výhled růstu tržeb za celý rok 2026 na mírně nad 40 % díky silné poptávce po AI. Současně varuje, že globální expanze může krátkodobě stlačit hrubou marži o 2 až 3 procentní body, později o 3 až 4 procentní body.
Key Takeaways TSMC is adding $100B in Arizona, bringing its total state investment to $265B.TSMC's overseas fab ramps could dilute gross margins 2%-4%, while N2 may cut margins 3-4 points.TSMC raised 2026 revenue growth guidance to slightly above 40% on strong AI-driven demand. Taiwan Semiconductor Manufacturing Company (TSM - Free Report) , or TSMC, is stepping up its capital expenditures to increase its production capacity and support the future growth of its customers. The company has announced an additional $100 billion investment in Arizona, taking its total investment in the state to $265 billion. The new spending will support the construction of several more semiconductor logical wafer fabs for 2-nanometer (N2) and below technologies, as well as advanced packaging fabs to address the strong multiyear demand from its leading U.S. customers.
The capacity expansion also spans markets outside the United States. TSMC is building 13 leading-edge and advanced packaging fabs in Taiwan over the next several years while also increasing its mature node capacity through JASM Fab 1 in Japan for complementary metal oxide semiconductor image sensor applications and European Semiconductor Manufacturing Company in Germany for automotive and industrial applications.
However, TSMC’s global expansion could weigh on profitability in the near term. Management projects gross margin dilution from overseas fab ramp-up to range from 2% to 3% initially, rising to 3%-4% at later stages. The steep ramp-up of N2 technology is expected to dilute gross margins by 3 to 4 percentage points in the second half of 2026.
Meanwhile, the AI megatrend continues to fuel strong demand for TSMC’s leading-edge technologies as computing needs rise. The company is using its manufacturing capabilities to generate more wafer output and drive greater capacity optimization across nodes in its fab operations to support profitability. With its technology differentiation and broad customer base, TSMC expects full-year 2026 revenue growth to be slightly above 40% year over year in U.S. dollar terms, up from the previous guidance of above 30%.
TSM’s Peer UpdatesBroadcom (AVGO - Free Report) recently introduced VMware Private AI Cloud, a more secure, scalable, and flexible approach to AI that brings the model to the data rather than moving data to the model.Built on Broadcom's advanced software capabilities, VMware Private AI Cloud provides organizations with a production-ready path to securely building, running and governing inference workloads, agentic applications, and traditional enterprise workloads in a single private cloud platform. The company also unveiled VMware AI Factory, the software-defined foundation of VMware Private AI Cloud.
Qualcomm Technologies, Inc. (QCOM - Free Report) announced the Qualcomm Dragonwing Q-2390 and IQ-2390 processors, expanding its Dragonwing portfolio with highly integrated platforms designed to make intelligent edge computing more accessible to consumer, commercial and industrial segments. The processors will help bring AI, vision, connectivity and security to a broader range of connected devices, to power the next wave of intelligence across homes, businesses, cities and factories.
The Zacks Rundown for TSM Stock
Year to date, TSMC shares have rallied 36.3%, slightly below the industry’s 36.7% growth.
Image Source: Zacks Investment Research
TSM currently trades at a forward sales multiple of 10.76 over the past 12 months compared with the industry average of 10.80.
Image Source: Zacks Investment Research
TSMC’s earnings estimates have been consistently revised upward over the past three months, as shown below.
Image Source: Zacks Investment Research
TSMC sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Společnost Taiwan Semiconductor ve 2. čtvrtletí zvýšila výnosy o 33,7 % meziročně na 40,2 miliardy USD díky silné poptávce po AI. Firma čeká v roce 2026 růst výnosů o více než 30 % v USD.
Key Takeaways Taiwan Semiconductor's Q2 2026 revenues surged 33.7% year over year to $40.2 billion amid strong demand.TSM expects 2026 revenues to rise more than 30% in U.S. dollar terms on robust AI demand.TSM is ramping N2 capacity and expanding overseas fabs to support rising AI, HPC and smartphone demand. Taiwan Semiconductor Manufacturing Company Limited (TSM - Free Report) is benefiting from the surging demand for AI infrastructure, rapid adoption of leading-edge process technologies and growing requirements for advanced semiconductor packaging. These trends, along with capacity expansion across Taiwan and overseas, should help sustain the company’s growth momentum over the coming years.
TSM’s recent results underscore the strength of these drivers. Second-quarter 2026 revenues soared 33.7% year over year to $40.2 billion. Net income and earnings per share jumped 77.4% from the year-ago quarter. Management expects third-quarter revenues between $44.6 billion and $45.8 billion, indicating continued strong demand for the company’s advanced manufacturing technologies.
AI Boom: TSM’s Primary Growth CatalystThe rapid buildout of AI infrastructure is arguably the most important long-term growth driver for TSM. Cloud service providers and semiconductor designers continue to invest heavily in AI accelerators, custom ASICs, networking chips and other high-performance computing products, increasing demand for the company’s most sophisticated process technologies.
Management has highlighted extremely robust AI-related demand as the industry moves beyond generative AI toward agentic AI applications, which require substantially greater computing capacity. Taiwan Semiconductor noted that both customers and major cloud service providers continue to provide strong demand signals, reinforcing its confidence in the multi-year AI megatrend. Supported by these trends and its technology leadership, the company expects 2026 revenues to increase more than 30% in U.S. dollar terms.
The opportunity extends beyond GPUs. CPUs, networking processors, custom accelerators and AI-specific ASICs increasingly require leading-edge manufacturing and sophisticated packaging. Taiwan Semiconductor believes the intensifying AI investment cycle will drive richer semiconductor content and greater use of advanced process technologies and 3D packaging, strengthening its position across the broader AI computing ecosystem.
Leading-Edge Nodes Strengthen TSM’s Competitive PositionTaiwan Semiconductor’s ability to continually move customers toward more advanced manufacturing nodes represents another important growth engine. In the second quarter, 3-nanometer products accounted for 30% of wafer revenues, while 5-nanometer and 7-nanometer technologies contributed 33% and 11%, respectively. The newly introduced 2-nanometer technology already generated 3% of wafer revenues, highlighting the rapid migration toward TSM’s newest processes.
The N2 platform should become increasingly important. Taiwan Semiconductor commenced high-volume production of its 2-nanometer technology in the fourth quarter of 2025 and is ramping capacity at Hsinchu and Kaohsiung to meet strong smartphone and HPC/AI demand. The company is also extending the platform through N2P and A16, with volume production scheduled for the second half of 2026.
A16 is particularly relevant for high-performance computing applications because its Super Power Rail architecture is designed for products with complex signal routing and demanding power-delivery requirements. Taiwan Semiconductor’s A14 technology is scheduled for volume production in 2028, providing another avenue for customers seeking greater computing performance and energy efficiency.
Global Manufacturing Footprint Expands Growth OpportunitiesTSM’s widening manufacturing footprint offers another avenue for long-term expansion. Capacity investments in the United States, Japan and other locations allow the company to serve customers closer to major end markets while helping governments and technology companies diversify semiconductor supply chains.
The Arizona expansion is particularly significant because the second fab will introduce 3-nanometer production to the United States. At the same time, the company’s Japanese expansion broadens Taiwan Semiconductor’s ability to support customers across advanced computing, automotive and other semiconductor markets.
Although overseas fabs can initially carry higher costs than Taiwan operations, their strategic value could strengthen customer relationships and broaden TSM’s addressable opportunities over the long run.
Price PerformanceTaiwan Semiconductor has gained 71.8% in the past year compared with the sector’s growth of 28.6%. It has outperformed peers like Monolithic Power Systems, Inc. (MPWR - Free Report) and Analog Devices, Inc. (ADI - Free Report) . While Monolithic has gained 51.1%, Analog Devices surged 45.2% during this period.
One-Year TSM Stock Price Performance
Image Source: Zacks Investment Research
Moving ForwardTSM sits at the intersection of several powerful semiconductor trends. Explosive AI computing requirements are supporting demand for leading-edge chips and advanced packaging, while migration toward N2, N2P and A16 technologies should provide additional growth opportunities. Expanding 3-nanometer capacity and a broader global manufacturing footprint further strengthen the company’s ability to address rising customer requirements.
The stock has a long-term earnings growth expectation of 26.5% and delivered a trailing four-quarter average earnings surprise of 10.1%. TSM currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Riding on a robust earnings surprise history and favorable Zacks Rank, Taiwan Semiconductor appears primed for further price appreciation. Consequently, investors are likely to profit if they bet on this high-flying stock now.
Taiwan Semiconductor Manufacturing TSM , the chipmaking engine behind the AI boom, jumped approximately 1.6% to $416.59 Tuesday morning as traders piled in before Nvidia's NVDA Wednesday results. Nvidia's guidance is the trigger. More AI-chip demand means more pressure on TSMC's already critical advanced-manufacturing and packaging network.
The growth is ripping. TSMC's July revenue rocketed 44.7% to NT$467.58 billion, while management lifted its 2026 capital-spending plan to between $60 billion and $64 billion. That is a massive bet on sustained demand for leading-edge chips. TSMC is spending now because the next wave of AI capacity cannot appear overnight—and customers are already knocking.
But the stock is no bargain. At $416.59, it sits 31.62% above its GF Value estimate of $316.50. That gap screams confidence, but it also screams expectations. Nvidia could pour more fuel on the rally with blockbuster guidance. If the outlook merely meets the hype, however, TSMC's rich premium could leave little room for error.
Key Takeaways TSMC's A14 targets faster computing, lower power use and higher logic density for AI workloads.TSMC's A14 tape-outs are ahead of schedule, with pre-production in 2027 and volume production in 2028.TSMC's A13 and A12 add die-area savings and superpower rail technology, with production planned for 2029. Taiwan Semiconductor Manufacturing Company (TSM - Free Report) , or TSMC, continues to make progress on A14 technology, designed to drive AI transformation forward by delivering faster computing and greater power efficiency. Featuring the second-generation nanosheet transistor structure, A14 represents a significant advancement from the company’s industry-leading 2-nanometer (N2) process, expected to provide a 10-15% speed improvement at the same power, or 25-30% power reduction at the same speed, along with more than a 20% increase in logic density.
On the July 2026 earnings call, management stated that an internal product-like vehicle demonstrated close to 90% device performance and close to 90% 256-megabit SRAM yield. Customer interest and engagement are also building across smartphone and high-performance computing (HPC) and AI applications, with tape-out activity already underway and ahead of schedule. TSMC expects A14 pre-production to begin in 2027 with volume production scheduled for 2028.
TSMC also extended the A14 family with A13 and A12, reflecting its strategy of continuous enhancement. A13 builds upon A14, having achieved more than 6% die area savings through an innovative 97% optical shrink. Besides, A13 also benefits from ongoing design technology co-optimization, driving further performance and power efficiency improvements. Its design rules are backward compatible with A14 to support smooth IP migration.
Meanwhile, the introduction of A12 is set to bring the company’s superpower rail technology to the A14 platform for superior performance, power and area benefits. Both A13 and A12 are set to enter volume production in 2029.
TSMC expects A14 and its derivative technologies to make the A14 family a larger and long-lasting node than N2, drawing a parallel to N2’s progression over 3-nanometer technology. This trajectory supports the company’s ongoing technology leadership in the coming years.
TSM’s Peer UpdatesMicron Technology (MU - Free Report) recently launched the Micron Ventures Paradigm Fund, a $250 million investment vehicle built to partner with the companies shaping the future of AI. Micron Ventures’ third and largest fund to date, the Paradigm Fund will invest across the full AI technology stack, from model architectures and compute infrastructure to enterprise applications and physical AI. Separately, the company unveiled a U.S.-based long-horizon premier research institution, backed by a planned $10 billion investment over the next decade. Micron Research Labs will unite academia, government, startups and industry to advance the memory and compute breakthroughs that will define the AI era.
Marvell Technology (MRVL - Free Report) announced new innovations across its AI memory infrastructure portfolio. The developments advance the company’s position spanning server-level AI storage, rack-scale CXL memory expansion and pooling, and pod-level optical shared memory. The portfolio is designed to help hyperscalers and cloud providers scale memory more independently from compute, improving infrastructure utilization, scalability and token efficiency for agentic AI inference.
The Zacks Rundown for TSM StockOver the past 12 months, TSMC shares have rallied 85.1% compared with the industry’s 80.9% growth.
Image Source: Zacks Investment Research
TSM currently trades at a forward, five-year Price/Sales (P/S) of 11.15X compared with its historical median of 8.12X and the industry average of 10.90X.
Image Source: Zacks Investment Research
Over the past three months, TSMC’s earnings estimates have trended upward, as shown below.
Image Source: Zacks Investment Research
TSMC sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
TSMC v pondělí ráno klesla o 2,3 % kvůli výprodeji čipů, i když červencové výnosy meziročně vyskočily o 44,7 % na NT$467,58 miliardy. Investoři teď čekají, zda Nvidia 26. srpna potvrdí silnou poptávku.
Taiwan Semiconductor Manufacturing TSM , the world's largest contract chipmaker, slid approximately 2.3% to $409.41 Monday morning as the chip selloff spread fast. Samsung Electronics SSNLF crashed 9%. Micron MU and SK Hynix HXSCL sank with it. Investors were not waiting for Nvidia's next update—they were cutting risk first.
But TSMC's growth engine is still running red-hot. July revenue surged 44.7% year over year to NT$467.58 billion. Management has raised its 2026 capital-spending plan to between $60 billion and $64 billion as Nvidia, Apple, AMD, Broadcom and major cloud operators scramble for leading-edge capacity. Demand is huge. So is the bet.
Now Nvidia NVDA holds the match. A powerful August 26 outlook would make TSMC's expansion look perfectly timed. Any hint of cooling orders would make those enormous fabrication commitments look far more dangerous. The valuation leaves little room for disappointment: at $409.41, the stock trades 15.47% above its $354.56 GF Value estimate. Monday's decline was not a demand collapse. It was a warning that investors want Nvidia to justify every dollar of that premium.
TSMC zvýšila plán kapitálových výdajů na rok 2026 na 60–64 mld. USD a chystá dalších 100 mld. USD do Arizony. Dividenda má v roce 2026 vzrůst na 24 TWD na akcii, meziročně o 33 %.
Key Takeaways TSMC raises 2026 CapEx to $60B-$64B, with most targeting advanced process technologies.TSMC plans an additional $100B Arizona investment spanning fabs and advanced packaging.TSMC expects its 2026 dividend to rise to TWD 24 per share, up 33% year over year. Taiwan Semiconductor Manufacturing Company (TSM - Free Report) , or TSMC, continues to see strong structural demand from customers, as the use of 5G, artificial intelligence (AI) and high-performance computing (HPC) rapidly expands. The emerging Agentic AI market adds further growth opportunities, prompting the company to continue investing to support its customers’ growth. Reflecting this, management raised the 2026 capital expenditure (CapEx) budget to $60 billion-64 billion from the April guidance of $52-56 billion.
TSMC plans to direct about 70%-80% of its 2026 capital spending toward advanced process technologies. Specialty technologies will receive about 10%, while advanced packaging, testing, mask-making and other areas will account for another 10%-20%.
The company is also expanding its presence in Arizona with an additional $100 billion investment. The plan includes several wafer fabs for 2-nanometer and below technologies as well as advanced packaging fabs. TSMC expects the investment to strengthen the U.S. semiconductor ecosystem and supply chain while supporting high-tech jobs. In Taiwan, the company plans to build 13 leading-edge and advanced packaging fabs over the next several years.
At the same time, the company is focused on steadily increasing its cash dividend on both an annual and quarterly basis. In 2025, TSMC paid New Taiwan Dollar (TWD) 467 billion in cash dividends, with shareholders receiving TWD 18 per share, up 28.6% year over year. In 2026, the dividend is expected to increase to TWD 24 per share, up another 33% year over year.
TSM’s Peer UpdatesGlobalFoundries (GFS - Free Report) spent $408 million on capital expenditures in the second quarter, net of proceeds from government grants, or roughly 23% of revenue. Management expects full-year CapEx to come in toward the higher end of its 15%-20% range, with investments in additional capacity expected to support growing demand. At the second quarter of 2026-end the company’s cash, cash equivalents and marketable securities totaled approximately $3.3 billion. On July 14, GlobalFoundries paid its first-ever quarterly cash dividend of $0.12 per share, reflecting confidence in its future cash-generating capacity.
Intel (INTC - Free Report) is raising its 2026 CapEx outlook on strong customer demand signals and now expects spending to exceed $20 billion, significantly above its initial expectations for the year. The company is also moving quickly to secure tool purchase orders from vendors, accelerate clean room build-outs and secure supplies of substrates and memory. The vast majority of 2027 capital spending is expected to go toward its U.S. network. Management stated that from 2021 through 2026, the company’s total spending on tools and space in the United States is approaching $100 billion, significantly more than any other semiconductor company over that period.
The Zacks Rundown for TSM StockOver the past 12 months, TSMC shares have rallied 78.5% compared with the industry’s 76.8% growth.
Image Source: Zacks Investment Research
TSM currently trades at a forward, five-year Price/Sales (P/S) of 10.90X compared with its historical median of 8.12X and the industry average of 10.81X.
Image Source: Zacks Investment Research
TSMC’s 2026 and 2027 earnings estimates have seen upward revisions over the past 90 days.
Image Source: Zacks Investment Research
TSMC sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
TSMC oznámila, že výnosy za 2. čtvrtletí 2026 dosáhly 40,2 miliardy USD a zisk na akcii (EPS) 4,31 USD překonal odhady. Firma zároveň zvýšila výhled tržeb za 3. čtvrtletí na 44,6 až 45,8 miliardy USD a potvrdila silnou poptávku po AI.
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Taiwan Semiconductor Manufacturing (NYSE:TSM | TSM Price Prediction) trades at $413.41 as of the August 18 close. Our 24/7 Wall St. price target for TSMC is $539.60, implying 30.52% upside over the next 12 months. Our recommendation is a buy with a confidence level of 90%, reflecting visibility on demand through 2029.
24/7 Wall St. Price Target Summary Metric Value Current Price $413.41 24/7 Wall St. Price Target $539.60 Upside 30.52% Recommendation BUY Confidence Level 90% A Blowout Quarter and a Fresh $100 Billion Arizona Commitment TSMC is up 36.72% year to date and 73.1% over the trailing year, though shares slipped 2.05% in the past week and sit roughly 14% below the $479 52-week high.
Q2 2026 revenue reached $40.2 billion at the high end of guidance, EPS of $4.31 beat consensus of $3.89, and gross margin expanded to 67.7%. HPC now drives 66% of revenue, up 20% sequentially. Management guided Q3 revenue to $44.6 to $45.8 billion and announced an additional $100 billion Arizona investment for 2nm and below capacity on the July 16 call.
The Case for $620 and Higher Our bull case targets $620.11 over 12 months, a 50% return. CEO Cici Wei told analysts “Our conviction in the multi-year AI megatrend remains very high,” and raised full-year 2026 revenue growth guidance to slightly above 40% in USD terms.
Capex was hiked to $60 to $64 billion. Agentic AI is pulling CPUs back into data center demand alongside accelerators. If N2 yields ramp cleanly and hyperscaler orders extend into 2029, the upper analyst target of $547 looks like a floor rather than a ceiling.
What Could Go Wrong The bear scenario lands at $437.57, just 5.84% above spot. Beta of 1.258 and Taiwan Strait geopolitical risk can compress the multiple quickly. Inventory days rose to 87 days on the N2 ramp, and overseas fab dilution could widen to 3 to 4 percentage points.
Insider activity has skewed to net selling across 122 recent transactions. Bulls counter that inventory build reflects genuine 2nm pull-through and that Arizona capacity materially reduces geopolitical discount over time.
How TSMC Stacks Up Against NVIDIA and Broadcom The cleanest comparison is TSMC’s two largest AI customers, since their capex flows directly to wafer volumes.
NVIDIA (NASDAQ:NVDA) trades at a trailing P/E of 44 after Q1 FY2027 revenue of $81.6 billion, up 85% YoY. Its $119 billion in supply commitments pre-books TSMC capacity. At roughly 25x forward earnings on TSM, our target looks conservative next to NVIDIA’s multiple.
Broadcom (NASDAQ:AVGO) guided Q3 AI semiconductor revenue to $16 billion, up over 200% YoY, all fabricated at TSMC. AVGO’s custom accelerator momentum reinforces the HPC mix shift driving TSMC’s 67.7% gross margin. On a forward P/E basis, TSM is materially cheaper than either customer, making our $539.60 target reasonable rather than aggressive.
TSMC Price Prediction 2026-2030 The 24/7 Wall St. price target of $539.60 and buy rating carry 90% confidence. Capacity is effectively sold out through 2029. The setup remains constructive if the N2 ramp holds yield targets through Q4.
The thesis weakens if hyperscaler capex growth stalls or Taiwan Strait risk materially reprices. The AI wave remains the dominant signal, and the traits that showed up years before the last generational tech run are the ones we cataloged in a free playbook here: The Next Nvidia Playbook.
Year 24/7 Wall St. Price Target 2026 $465 2027 $539.60 2028 $650 2029 $770 2030 $887.33 These projections assume TSMC executes on its 25% revenue CAGR target through 2029 and preserves 56%+ gross margins. Significant upside could come from a faster N1.4 ramp; downside would emerge from a sustained AI capex pullback.
Contact [email protected] for any questions or corrections.
Bank of America ponechala pro TSMC doporučení Buy a cílovou cenu NT$3 100, protože vidí pokračující růst investic díky expanzi v USA. Tržby z Arizony ve 2. čtvrtletí vzrostly mezikvartálně o 17 % a meziročně o 145 % na NT$45 miliard.
is making progress with its U.S. manufacturing expansion, a development that Bank of America expects could keep the chipmaker's investment levels elevated.
BofA analyst Haas Liu kept a Buy rating and NT$3,100 price target on TSMC.
BofA said sales from TSMC's Arizona operations increased 17% from the previous quarter and 145% from a year earlier to NT$45 billion in the second quarter. The business represented about 4% of total company sales.
The bank also expects depreciation to rise at roughly a 20% compound annual rate between 2026 and 2028 as TSMC invests in advanced and specialty technologies. Its board recently approved about $29 billion in additional U.S. capital spending, nearly double the year-earlier level.
BofA expects TSMC's 2026 capital expenditures to reach the midpoint of its $62 billion target. If investment growth remains elevated, spending could reach $80 billion to $85 billion in 2027, compared with Wall Street's roughly $75 billion estimate.
Continued U.S. expansion and strong AI-related demand could support the company's growth outlook, though higher spending may increase depreciation costs.
TSMC těží z AI boomu: tržby za prvních sedm měsíců roku vzrostly meziročně o 37 % a červencové tržby o 45 %. Firma čeká, že letos překoná aktualizovaný cíl růstu 40 %.
The artificial intelligence (AI)-fueled semiconductor boom isn't showing any signs of slowing, as major hyperscalers and pure-play AI companies continue to invest aggressively in infrastructure to meet the tremendous demand for AI services and to fulfill their massive contractual backlogs.
Market research firm Omdia estimates that the global semiconductor industry's revenue could jump by an impressive 94% in 2026. The firm notes that computing and data storage chips will generate just under $1 trillion in revenue this year. Importantly, semiconductor specialist Advanced Micro Devices (AMD +6.50%) predicts that the market for high-performance and AI computing chips could reach $2 trillion by 2030.
This is great news for semiconductor stocks such as AMD and Nvidia (NVDA -0.06%), which have been enjoying phenomenal growth amid booming demand for AI chips. However, I think that there is a better way to play the AI-driven semiconductor boom by investing in a company that plays an instrumental role in powering AMD and Nvidia's solid growth -- Taiwan Semiconductor Manufacturing (TSM -0.96%).
Let's see why.
Image source: Getty Images.
TSMC is the most important player in the AI chip ecosystem AMD and Nvidia design data center chips such as central processing units (CPUs) and graphics processing units (GPUs). These are deployed in AI data centers and edge applications, such as personal computers and vehicles. Both companies have been experiencing phenomenal growth in revenue and earnings.
Data by YCharts
AMD recently released its second-quarter results, posting a 50% year-over-year increase in revenue to $11.5 billion. Its non-GAAP earnings increased at a much stronger pace of 246% year over year to $1.66 per share. AMD attributed its impressive performance to robust demand for its server CPUs and GPUs, resulting in a 107% year-over-year increase in data center revenue in Q2.
The good news for AMD stock investors is that its solid growth trajectory is here to stay. The company anticipates a 41% year-over-year revenue increase in the current quarter. However, it could exceed that estimate due to the launch of its Helios rack-scale server platform and the introduction of newer, faster AI compute chips.
Nvidia, meanwhile, is poised to release its fiscal 2027 second-quarter results later this month. It expects $91 billion in revenue for fiscal Q2, pointing to a year-over-year increase of 95%. Nvidia can sustain such terrific growth over the long run, given its dominant position in the AI chip ecosystem.
So, it won't be surprising to see these two AI stocks delivering healthy gains to investors over the long run. However, for investors seeking a more comprehensive play in the AI semiconductor space, TSMC appears to be a better bet than AMD or Nvidia. That's because TSMC's foundry business model makes it one of the best ways to capitalize on the AI chip boom.
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Fabless chip designers, including AMD and Nvidia, use TSMC's fabrication facilities to manufacture their chips. However, TSMC's scope isn't limited to just these two fabless chipmakers. TSMC also makes chips for Apple, Qualcomm, Broadcom, Amazon, Microsoft, Alphabet, and others. This diversified clientele exposes TSMC not only to growth in AI data center chips but also to the growing demand for AI-capable PCs and smartphones.
Not surprisingly, TSMC's growth rate is getting better. The company's revenue in the first seven months of the year increased by 37% year over year, well above the 31.6% growth it delivered in 2025. The Taiwan-based foundry giant recently released its July revenue report, reporting a 45% year-over-year increase.
This indicates the company is on track to beat its updated 2026 revenue growth guidance of 40%. More importantly, TSMC sees strong AI chip demand persisting over the long run, which explains why the company remains focused on aggressively expanding the output of its advanced chipmaking nodes used by the likes of AMD and Nvidia.
For instance, the output of TSMC's popular 3-nanometer (nm) process node is poised to increase by 20% by the end of 2026, as compared to the first half of the year. Moreover, the demand for the company's 2nm process node is significantly higher than for the 3nm node, which isn't surprising, given the improved performance and reduced power consumption it offers over the 3nm platform.
As a result, TSMC seems well-positioned to maintain its dominant market share of 73% in the foundry market. TSMC is the undisputed leader in this space, with second-placed Samsung holding just 7% of the foundry market, according to Counterpoint Research. This outstanding market share helps TSMC exercise solid pricing power, which explains why the company is reportedly planning to implement a 25% price increase next year for customers looking to purchase additional AI chips.
That will be on top of the standard 5%-10% price increase that TSMC plans for its advanced chipmaking services. Not surprisingly, analysts have been becoming more bullish about TSMC's long-term earnings growth prospects in recent months.
Data by YCharts
Stronger earnings growth will send this chip stock soaring TSMC stock has jumped 76% over the past year. However, it can still be bought at an attractive 25 times forward earnings. For comparison, the iShares Semiconductor ETF, which invests in semiconductor companies, has a price-to-earnings ratio of 67. So, investors are getting a solid deal on TSMC right now, especially given that its bottom-line growth rate is on track to pick up.
Data by YCharts
Even if TSMC trades at an attractive 30 times earnings at the end of 2028 and its earnings per share reach $28.26, the stock could jump to $848. That's nearly double TSMC's stock price right now. Another point worth noting is that TSMC's forward earnings multiple is almost in line with Nvidia's, and the foundry giant is significantly cheaper than AMD, which has a forward earnings multiple of 63.
It won't be surprising to see TSMC commanding a higher multiple in the future, which could set this stock up for bigger gains in the long run as its earnings growth accelerates.
Poptávka po čipech neustává a TSMC ve 2. čtvrtletí zvýšila tržby o 36 % meziročně, čistý zisk i zředěný EPS o 77,4 %. Akcie za poslední rok vzrostly téměř o 80 %.
The artificial intelligence (AI) chip craze can't be discussed without including the behemoth Taiwan Semiconductor Manufacturing Company (TSM -0.96%). The third-party chip manufacturer has been one of the standout stocks of the past year, up nearly 80%. That substantial rise has pushed the company's valuation past $2 trillion, but investors are starting to question how long the chip boom will last. Is TSMC too expensive now?
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TSMC's growth has been impressive. In the second quarter, its revenue jumped 36% year over year, while net income and diluted earnings per share rose 77.4%. The company's strong free cash flow has given it an enviable balance sheet, and its dividend payouts have more than doubled in the past three years.
Chip demand isn't slowing, and TSMC is also pursuing new opportunities. For example, it's in the process of setting up a joint venture with Sony (SONY +2.88%) to produce next-generation image sensors. That multibillion-dollar collaboration will supply high-performance camera sensors for iPhones and future physical-AI use cases. The duo is targeting mass production by 2029.
Image source: The Motley Fool.
The stock isn't cheap, but its valuation metrics are still quite reasonable. The company's forward P/E ratio is just 25, while the trailing P/E ratio is 36. TSMC's five-year PEG ratio is almost exactly 1, implying the stock is fairly priced.
Given the new partnership with Sony and the expectation for continued high chip demand through the second half of this decade, TSMC may not be a bargain, but it is still surely worth buying and holding. No, Taiwan Semiconductor is not too expensive for investors looking to hold it for the long haul.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
Microsoft oznámil ve 4. čtvrtletí fiskálního roku FY26 tržby 90,01 miliardy USD, meziročně o 17,8 % více, a Azure vzrostl o 43 %. Azure navíc poprvé překonal 100 miliard USD ročních tržeb.
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Grading the AI buildout’s three load-bearing names at current prices: Microsoft (NASDAQ:MSFT | MSFT Price Prediction) at $502.03 is a buy, Taiwan Semiconductor Manufacturing (NYSE:TSM) at $421.97 is a buy, and AMD (NASDAQ:AMD) at $467.42 is a hold.
Each occupies a different layer of the AI stack: hyperscale cloud, leading-edge foundry, and merchant accelerators. Their valuations reflect very different assumptions about how the buildout resolves.
Microsoft: Cash Flow Meets Copilot Scale Microsoft’s Q4 FY26 delivered revenue of $90.01 billion, up 17.8%, with Azure growing 43% and clearing $100 billion in annual revenue for the first time. Commercial RPO of $678 billion, up 84%, is the tell: this is contracted future revenue with high visibility.
Microsoft 365 Copilot passed 30 million paid seats, with Satya Nadella noting that “customer demand continues to exceed available capacity.”
At a P/E of 28, Microsoft trades in line with its historical range despite carrying the fastest-growing hyperscale franchise on the planet. Analyst consensus target sits at $563.84 across 57 analysts (54 Buy, 3 Hold, 0 Sell), implying meaningful upside from here.
Targets are one data point among many. Shares are up 5.11% year to date, well behind the run in AMD and TSMC, which is precisely why the risk/reward looks cleanest here.
TSMC: The Foundry Nobody Can Route Around Every accelerator in this article is fabricated by TSMC. Q2 FY26 revenue of $40.20 billion grew 36%, gross margin expanded to 67.7%, and net income rose 77.4%. Advanced nodes (7nm and below) now generate 77% of wafer revenue, with 2nm posting its first 3% commercial contribution. Management raised full-year guidance to growth “slightly above 40%” in USD.
At a P/E of 37 and forward P/E of 25, TSMC is not cheap, but net income is compounding faster than revenue, which is what pricing power looks like.
Analyst consensus target of $540.20 from 19 analysts (17 Buy, 2 Hold, 0 Sell) implies substantial upside. TSM is up 38.4% year to date versus the S&P 500’s mid-single-digit gain over the same window. Geopolitical risk is real and permanent, but so is the fact that leading-edge silicon has one address.
AMD: The Story Is Right, the Price Is Ahead of It AMD’s Q2 FY26 was excellent: revenue of $11.54 billion grew 50.1%, Data Center revenue of $6.72 billion more than doubled, and non-GAAP EPS of $1.66 beat consensus. Anthropic committed to up to 2 gigawatts of MI450 in Helios, and Lisa Su said “customer pull for Helios is very strong and tracking ahead of our initial forecast.”
The problem is what price already assumes. AMD trades at a trailing P/E of 124 after a 119.26% year-to-date rally and a 171.8% one-year gain, dwarfing the S&P 500.
Analyst consensus target of $613.33 across 51 analysts (41 Buy, 10 Hold, 0 Sell) still implies upside, but insiders are net sellers and the stock has already given back 15.83% in the past month. Execution on Helios in Q4 and into 2027 has to be flawless to justify this multiple. A proof quarter on Helios execution or a valuation reset would materially improve the setup.
The Verdict At $502.03, Microsoft is a buy. Here is why. Azure at 45% guided constant-currency growth into Q1 FY27, RPO recognition up 37% in the next twelve months, and Copilot monetization shifting to per-seat plus consumption gives Microsoft the cleanest visibility of the three.
TSMC is a buy because you cannot build the AI buildout without it and the numbers keep re-rating higher.
AMD is a hold because the business is executing but the stock has front-run two years of gigawatt ramps that still have to be delivered.
Contact [email protected] for any questions or corrections.
TSMC a Sony uzavřely závaznou dohodu o založení společného podniku v Kumamotu na vývoj a výrobu snímačů obrazu pro chytré telefony. Sériová výroba má začít v roce 2029.
Key Takeaways TSMC and Sony will establish a Kumamoto JV focused on smartphone image sensors.TSMC will provide advanced process technology, while Sony leads sensor development and design.TSMC plans to invest 282 billion yen, while Sony will contribute nearly 465 billion yen. Taiwan Semiconductor Manufacturing Company (TSM - Free Report) , or TSMC, and Sony Semiconductor Solutions have executed a legally binding definitive agreement to establish Advanced Vision Semiconductor Manufacturing Corporation, a joint venture (JV) in Kumamoto, Japan. The JV will focus on developing and manufacturing smartphone image sensors, with volume production set to start in 2029.
The latest move follows the non-binding memorandum of understanding (MOU) the companies signed in May to pursue a strategic partnership for next-generation image sensor development and manufacturing. The collaboration also aims to explore emerging opportunities in physical AI, including applications in automotive and robotics.
The deal, however, is still subject to required regulatory approvals and other customary closing conditions. Upon closing, Sony will serve as the JV’s sole controlling shareholder, while the venture is planned to operate as a consolidated subsidiary of Sony Group Corporation. Sony is also expected to appoint its representative director.
Under the strategic partnership, TSMC will provide its advanced process technology and manufacturing expertise to drive development and manufacturing activities required for volume production, while Sony will lead the development of core image sensor technologies, along with product planning and design. The collaboration is expected to help accelerate the commercialization of image sensor products based on customer needs while advancing technological innovation and expanding manufacturing capacity.
As part of the agreement, TSMC plans to invest approximately 282 billion yen in cash into the JV, while Sony plans to contribute nearly 465 billion yen through a combination of cash and asset transfers via a company split. The capital contributions are expected to be made in phases based on market demand and other relevant business conditions. Additional investments required to achieve the JV’s planned production capacity are also under consideration, with support from the Japanese government.
TSM’s Peer UpdatesAMD (AMD - Free Report) announced a definitive agreement to acquire Taalas, a leader in specialized AI inference silicon. Founded in 2023 and headquartered in Toronto, Canada, Taalas’ technology optimizes inference dataflows, significantly reducing compute and memory bottlenecks associated with general-purpose architectures and enabling highly optimized AI inference capabilities. The acquisition comes as AI inference emerges as one of the fastest-growing areas of the AI market and workloads become more specialized, helping bolster AMD’s long-term AI roadmap with specialized inference technology and engineering expertise.
Broadcom Inc. (AVGO - Free Report) announced new updates to VMware vDefend and VMware Avi Load Balancer to deliver rapidly deployed, intelligently operated and high-performance multi-layer cyber defense. These enhancements expand private cloud security capabilities, optimize infrastructure costs and use AI-powered automation to simplify operations for overextended IT teams. With vDefend and Avi Load Balancer, enterprises can build a more cyber-resilient private cloud with VMware Cloud Foundation (VCF) while delivering scale-out workload security, operational efficiency and rapid rollout.
The Zacks Rundown for TSM StockSo far this year, TSMC shares have rallied 38.9% compared with the 37.7% rise of the industry.
Image Source: Zacks Investment Research
TSM currently trades at a forward, 12-month Price/Sales (P/S) of 11.14X compared with its historical median of 11.02X and the industry average of 11.04X.
Image Source: Zacks Investment Research
Take a look at how TSMC’s earnings projections have been shaping up.
Image Source: Zacks Investment Research
Taiwan Semiconductor sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
TSMC zvýšila kapitálové výdaje na 60–64 miliard USD pro rok 2026, zatímco Intel chce získat 15 miliard USD emisí nových akcií na financování expanze výroby.
The AI boom is creating a semiconductor spending race, but Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) and Intel Corp (NASDAQ:INTC) are entering it from very different financial positions.
TSMC raised its 2026 capital budget to $60 billion-$64 billion in July, saying strong demand from AI, high-performance computing and emerging AI agents is driving the need for more capacity. On Monday, Intel Corp. announced a $15 billion stock offering as it seeks more capital for its own manufacturing expansion.
The comparison is revealing: TSMC is expanding aggressively on the back of a booming business, while Intel is asking investors to help finance its attempt to become a more credible manufacturing rival.
TSMC Is Spending to Keep Up With DemandTSMC’s spending isn’t a speculative bet on whether AI demand will arrive. The company is already seeing it.
TSMC reported $40.2 billion in second-quarter revenue, up 36% year over year, while net income jumped 77%. Advanced technologies — defined by TSMC as 7-nanometer and more advanced processes — accounted for 77% of wafer revenue.
The company has since reported another strong data point: July revenue jumped 45% year over year to $14.5 billion, bringing its first-seven-month revenue growth to 37%.
TSMC plans to direct roughly 70%-80% of its 2026 capital budget toward advanced process technologies, with another 10%-20% going toward advanced packaging, testing and related areas.
In simple terms, TSMC is spending heavily because customers are already asking for more advanced chips.
Read Next
Intel Is Taking a Different RouteIntel’s challenge is different.
The company has raised its 2026 capital spending forecast to more than $20 billion as it invests in manufacturing and its foundry business, which makes chips for outside customers. Now it plans to raise another $15 billion by selling common stock, with underwriters able to purchase an additional $2.25 billion of shares.
Intel says the proceeds will support general corporate purposes, including capital expenditures and working capital. The company is targeting advanced manufacturing and packaging as it tries to attract more external customers.
That distinction matters.
TSMC’s $60 billion-$64 billion is not directly comparable to Intel’s $15 billion offering. One is an annual capital budget; the other is a financing transaction.
But together, they show the scale of the manufacturing race Intel has chosen to enter.
Read Next
The Gap Investors Need to WatchTSMC isn’t simply spending more. It is spending from a position of enormous current demand and profitability.
Intel, meanwhile, is trying to use fresh capital to build the manufacturing capabilities it hopes will create future demand. That makes Intel’s stock offering both an opportunity and a test.
If the new capital helps Intel secure enough customers and scale its advanced manufacturing business, the investment could strengthen the company’s long-term position. But issuing new shares also increases the number of shares investors ultimately own, creating a dilution trade-off.
For TSMC, the immediate question is whether it can keep expanding fast enough to capture AI demand without letting capacity become a constraint.
For Intel, the question is more fundamental: Can billions of dollars of new investment turn its foundry comeback into a business capable of competing with a company that is already spending $64 billion to stay ahead?
That is the real semiconductor race investors are watching.
Read Next
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TSMC oznámila za červenec tržby 467,58 miliardy TWD, meziročně o 44,7 % více, díky silné poptávce po AI čipech. Firma zároveň uvedla, že poptávka související s AI zůstává extrémně robustní.
Taiwan Semiconductor Manufacturing Co. (TSMC) on Monday reported a big sales jump for July, as demand for its AI-related chips continued to strengthen.
TSMC, the world's biggest chip manufacturer, reported revenue for July of 467.58 billion new Taiwan dollars ($14.5 billion), up 44.7% year-on-year.
Investors are closely scrutinizing Big Tech spending and return on investment, as the sector continues to funnel unprecedented amounts of capital into building out AI infrastructure, including designing and buying semiconductors.
TSMC manufactures chips for a variety of customers, including Nvidia and Google's own custom semiconductors, so the Taiwanese firm's sales are a closely watched metric of tech sector demand.
"TSMC is now guiding for 40% growth in revenues for this year, so July's numbers put it ahead of that figure. This is no mean feat and highlights that for now demand is still there and takes the pressure off August and September somewhat in that these two months don't have to be as aggressive," Ben Barringer, head of technology research at Quilter Cheviot, told CNBC.
"Demand in the semiconductor industry, however, can shift quickly so it is important that people do not read too much into the monthly numbers as they can jump around. The company is, however, continuing to expand with various additional investments, so you would hope this level of chip production can continue."
TSMC does not provide commentary on its monthly revenue figures. But the company's second-quarter earnings reported last month showed that high-performance computing, which is where TSMC books AI chip sales, accounted for 66% of revenues.
The company struck a bullish tone during its earnings report and said it expects 2026 revenue to increase by slightly above 40% in U.S. dollar terms. TSMC also raised its capex projection to between $60 billion and $64 billion for this year.
"AI-related demand continues to be extremely robust," said TSMC Chairman C.C. Wei.
European semiconductor stocks rose on Monday with ASML up more than 2%, and Infineon and STMicro also trading higher.
Amid some of the market jitters around AI capex, semiconductor stocks have seen a recent sell-off. The PHLX Semiconductor index, which tracks a basket of chip stocks, is down around 15% from its June high. However, it is still around 72% higher for the year. TSMC's shares are up 50% for the year.
Sony a TSMC plánují investovat zhruba 1 bilion jenů do společné výroby čipů pro obrazové senzory. Společný podnik má zahájit komerční produkci nejdříve v roce 2029 v japonské prefektuře Kumamoto.
The TSMC logo is seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
TOKYO, Aug 10 (Reuters) - Sony Group (6758.T), opens new tab and Taiwan's TSMC (2330.TW), opens new tab plan to spend around 1 trillion yen ($6.32 billion) to jointly make next-generation microchips used in image sensors, the Nikkei business daily said on Monday.
A joint venture owned about 60% by Sony and 40% by TSMC will start commercial production as early as 2029 in southern Japan's Kumamoto prefecture, the paper said.
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The two tech giants said in May they planned to form a joint venture in Japan to develop and manufacture next-generation image sensors, combining Sony's sensor design expertise with TSMC's manufacturing and process technology strengths.
Sony and TSMC also said then that the partnership will explore opportunities in physical artificial intelligence applications such as automotive and robotics.
Sony is the world's largest maker of image sensors widely used in smartphones and autos, while TSMC is the world's largest contract chipmaker.
Sony declined to comment on the Nikkei report, while there was no immediate response from TSMC to Reuters' request for comment.
($1 = 158.2700 yen)
Reporting by Wen-Yee Lee, Sam Nussey, Kiyoshi Takenaka; Editing by Kate Mayberry
Our Standards: The Thomson Reuters Trust Principles., opens new tab
55 North Private Wealth LLC ve 2. čtvrtletí zvýšila svůj podíl v Taiwan Semiconductor Manufacturing o 97,2 % na 3 537 akcií v hodnotě 1,689 milionu USD. Analytici mají na TSM konsenzus „buy“.
55 North Private Wealth LLC increased its stake in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM – Free Report) by 97.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,537 shares of the semiconductor company’s stock after buying an additional 1,743 shares during the period. 55 North Private Wealth LLC’s holdings in Taiwan Semiconductor Manufacturing were worth $1,689,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quattro Advisors LLC purchased a new stake in shares of Taiwan Semiconductor Manufacturing during the 4th quarter worth approximately $25,000. Hilton Head Capital Partners LLC purchased a new position in Taiwan Semiconductor Manufacturing in the 4th quarter valued at approximately $27,000. Strategic Advocates LLC increased its stake in Taiwan Semiconductor Manufacturing by 62.1% in the 4th quarter. Strategic Advocates LLC now owns 94 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 36 shares in the last quarter. Ares Financial Consulting LLC purchased a new position in Taiwan Semiconductor Manufacturing in the 4th quarter valued at approximately $29,000. Finally, Basepoint Wealth LLC acquired a new position in Taiwan Semiconductor Manufacturing during the fourth quarter worth $31,000. 16.51% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes TSM has been the topic of a number of research analyst reports. Citigroup reiterated a “buy” rating on shares of Taiwan Semiconductor Manufacturing in a research report on Monday, July 6th. DA Davidson lifted their price target on Taiwan Semiconductor Manufacturing from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Barclays boosted their price objective on shares of Taiwan Semiconductor Manufacturing from $625.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Wall Street Zen raised shares of Taiwan Semiconductor Manufacturing from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. Finally, Zacks Research raised shares of Taiwan Semiconductor Manufacturing from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Taiwan Semiconductor Manufacturing presently has a consensus rating of “Buy” and an average target price of $496.25.
View Our Latest Report on Taiwan Semiconductor Manufacturing
Taiwan Semiconductor Manufacturing Price Performance TSM stock opened at $418.05 on Friday. The stock’s 50 day moving average price is $426.99 and its 200 day moving average price is $386.86. The firm has a market cap of $2.17 trillion, a P/E ratio of 30.16, a PEG ratio of 0.95 and a beta of 1.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.25 and a current ratio of 2.46. Taiwan Semiconductor Manufacturing Company Ltd. has a 1 year low of $223.70 and a 1 year high of $479.00.
Taiwan Semiconductor Manufacturing (NYSE:TSM – Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The semiconductor company reported $4.28 earnings per share for the quarter. Taiwan Semiconductor Manufacturing had a return on equity of 39.37% and a net margin of 50.31%.The company had revenue of $39.89 billion during the quarter. On average, sell-side analysts expect that Taiwan Semiconductor Manufacturing Company Ltd. will post 16.44 earnings per share for the current fiscal year.
Taiwan Semiconductor Manufacturing Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 16th will be paid a $1.1136 dividend. This represents a $4.45 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, September 16th. This is a positive change from Taiwan Semiconductor Manufacturing’s previous quarterly dividend of $0.95. Taiwan Semiconductor Manufacturing’s dividend payout ratio is presently 21.43%.
Insider Activity In other news, VP Lipen Yuan purchased 1,000 shares of the stock in a transaction dated Monday, June 22nd. The stock was acquired at an average cost of $79.19 per share, for a total transaction of $79,190.00. Following the completion of the acquisition, the vice president directly owned 5,000 shares in the company, valued at $395,950. This represents a 25.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Bor-Zen Tien acquired 3,000 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was purchased at an average cost of $74.39 per share, with a total value of $223,170.00. Following the transaction, the vice president owned 4,000 shares of the company’s stock, valued at approximately $297,560. The trade was a 300.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 16,697 shares of company stock valued at $1,228,663 in the last 90 days. Company insiders own 1.11% of the company’s stock.
Key Taiwan Semiconductor Manufacturing News Here are the key news stories impacting Taiwan Semiconductor Manufacturing this week:
Positive Sentiment: TSMC reportedly raised its 2026 outlook as accelerating demand for AI chips improves expectations for revenue and earnings growth. The update reinforces the company’s position as a key supplier to major AI-chip designers. Taiwan Semiconductor Manufacturing Company Raised Its 2026 Outlook as AI Demand Accelerated Positive Sentiment: TSMC’s roughly $64 billion capital-spending plan signals confidence that demand for leading-edge chips will remain strong. Reports that the company still cannot produce chips quickly enough to satisfy customers suggest tight capacity and potential pricing power, although execution will be important. TSMC’s $64 Billion Investment Signals Mega-Growth Positive Sentiment: TSMC may accelerate 3-nanometer production to meet strong demand from AI-chip customers. Faster output at this advanced node could support market-share gains and higher-margin growth. Taiwan Semiconductor Manufacturing Eyes Faster 3 Nanometer Output Positive Sentiment: ARK Invest founder Cathie Wood reportedly invested $28.7 million across TSMC and SpaceX after reducing positions in several other technology companies. The purchase provides a supportive sentiment signal for TSMC’s AI exposure. Cathie Wood Invests in TSMC and SpaceX Positive Sentiment: A TSMC vice president disclosed another purchase of company shares, adding to a series of recent insider buys. While small relative to TSMC’s market value, repeated buying can be interpreted as management confidence. TSMC Vice President Buys Stock Neutral Sentiment: Sony’s planned sensor venture involving TSMC could improve manufacturing scale and technology, but setup costs, earthquake exposure and weak smartphone demand may limit the near-term benefit. Sony’s TSMC Sensor Venture Could Reshape Its Imaging Growth Story Negative Sentiment: First Eagle Investment Management trimmed its TSMC position, creating a modest counter-signal to the insider buying and broader AI optimism. First Eagle Trims Its TSMC Stake Negative Sentiment: TSMC and other semiconductor stocks have remained volatile, with investors questioning whether elevated valuations can be justified. A mixed trading environment and profit-taking could restrain further gains even as long-term AI demand remains strong. What Is Going on With Taiwan Semiconductor Stock? Taiwan Semiconductor Manufacturing Profile (Free Report)
Taiwan Semiconductor Manufacturing Company (TSMC) is a leading pure-play semiconductor foundry that provides wafer fabrication and related services to the global semiconductor industry. Founded in 1987 by Morris Chang and headquartered in Hsinchu, Taiwan, TSMC manufactures integrated circuits on behalf of fabless and integrated device manufacturers, offering contract chip production across a broad set of technologies and products.
TSMC’s service offering covers logic and mixed-signal process technologies, specialty processes for radio-frequency, power management and embedded memory, and advanced nodes used in mobile, high-performance computing and AI applications.
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Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) stock is sliding on Wednesday as chip names digest a mixed tape.
The Nasdaq is down 0.06% while the S&P 500 has gained 0.27%.
• Taiwan Semiconductor stock is showing positive momentum. What’s the outlook for TSM shares?
The contract chipmaker is expanding advanced chip production as AI customers increase demand for higher-performance, lower-power 3nm and 2nm technologies.
AI Demand Drives 3nm ExpansionTSMC has raised this year’s capital expenditure plan to $60 billion to $64 billion, with about 70% to 80% of that spending directed toward advanced process technologies.
TSMC Adds Capacity Across Key SitesThe company is adding three new 3nm fabrication plants in Taiwan, Arizona and Kumamoto, Japan, while also converting some existing 5nm production lines to support more 3nm capacity.
Demand for TSMC’s 2nm process also remains strong, with monthly wafer output expected to approach 100,000 wafers by the end of the year, in line with the company’s production roadmap.
Technical AnalysisFrom a trend perspective, TSMC is still in a longer-term uptrend, trading about 15.7% above its 200-day SMA ($358.98) and about 4% above its 100-day SMA ($399.47). The near-term picture is choppier: the stock is about 2.5% below its 50-day SMA ($425.84), and the 20-day SMA ($410.99) remains below the 50-day SMA, a short-term bearish alignment.
Earnings & Analyst OutlookLooking further out, the next major catalyst for the stock arrives with the Oct. 15 (estimated) earnings report.
EPS Estimate: $4.03 (Up from $2.92 year-over-year) Revenue Estimate: $42.75 billion (Up from $33.10 billion YoY) Valuation: P/E of 36.6x (Indicates premium valuation relative to peers) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $551.67. Recent analyst moves include:
Needham: Buy (Raises target to $530 on July 27) DA Davidson: Buy (Raises target to $500 on July 17) TD Cowen: Hold (Raises target to $440 on July 17) Top ETF ExposureSignificance: Because TSMC carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely trigger automatic buying or selling of the stock.
TSM Price ActionTaiwan Semiconductor shares were down 0.55% at $414.88 at the time of publication on Wednesday, according to Benzinga Pro data.
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Sony směřuje k joint venture s TSMC na vývoj a výrobu nové generace obrazových senzorů. Divize Imaging & Sensing Solutions zvýšila tržby o 26 % na 512,7 mld. jenů a provozní zisk o 125 % na 122,2 mld. jenů.
Key Takeaways Sony is progressing toward a joint venture to develop and manufacture next-generation image sensors.Sony's sensor sales rose 26% to 512.7B yen, while operating income jumped 125% to 122.2 yen.Kumamoto's production halt and expected mobile-sensor revenue decline add execution and cycle risks. Sony Group Corporation (SONY - Free Report) is considering a sensor partnership that could deepen the strategic importance of its Imaging & Sensing Solutions business. Recent profit growth gives the plan a stronger operating backdrop.
The opportunity remains prospective. Sony must complete the venture structure, absorb preparation costs and protect production continuity before the partnership can produce durable returns.
Sony’s TSMC Venture Targets Sensor ScaleSony announced a strategic partnership in May for the development and manufacture of next-generation image sensors. Detailed discussions are progressing toward definitive agreements, with a joint venture planned as the operating structure.
Taiwan Semiconductor Manufacturing Company Limited (TSM - Free Report) , or TSMC, operates a dedicated foundry model focused on manufacturing customers’ semiconductor designs. Its process technology could complement Sony’s sensor expertise as the partners pursue denser and more competitive devices.
SONY’s Sensor Momentum Raises the StakesImaging & Sensing Solutions sales increased 26% year over year to ¥512.7 billion in the fiscal first quarter. Operating income rose 125% to ¥122.2 billion as mobile-sensor sales, customer mix, product mix and foreign exchange improved.
Sony raised the segment’s fiscal 2026 operating income forecast 5% to ¥420 billion and lifted its sales forecast 2% to ¥2.11 trillion. The revision increases the importance of sustaining the recent margin improvement.
Sony’s Kumamoto Exposure Adds Near-Term RiskThe July 2026 Kumamoto earthquake suspended production at the Kumamoto Technology Center after the site experienced shaking at a seismic intensity of 5+. Restoration work was underway when Sony reported its results.
Sony did not include the earthquake’s financial impact in its full-year forecast because the amount could not be reasonably estimated. That uncertainty matters because semiconductor output depends on stable facilities and tightly managed production schedules.
Sony’s Imaging Strategy Extends Beyond PhonesSony expects full-year mobile-sensor revenues to decline slightly as memory conditions may affect high-end smartphone shipment volumes in the second half. That caution offsets the first quarter’s better customer and product mix.
STMicroelectronics N.V. (STM - Free Report) markets time-of-flight sensors for industrial, mobile, robotics and Internet of Things applications. Its portfolio illustrates how sensing demand can expand beyond phone cameras into automation, presence detection and 3D measurement.
SONY’s Signals Back the Theme With CaveatsThe TSMC theme is investable only if Sony converts partnership spending into better technology, broader demand and reliable output. Current sensor profitability supports attention to the plan, while earthquake exposure and smartphone-cycle risk argue for measured expectations.
SONY flaunts a Zacks Rank #1 (Strong Buy), a VGM Score of A and a Momentum Score of A. Its Value Score of B is favorable, but the Growth Score of C signals that investors still need evidence of durable earnings growth from the venture and the wider sensor strategy. You can see the complete list of today’s Zacks #1 Rank stocks here.
Taiwan Semiconductor Manufacturing se vrátila nad tržní hodnotu 2,1 bilionu USD, když akcie za den vzrostly o 7,6 %. Firma zároveň uvedla silný růst tržeb i čistého zisku za 2. čtvrtletí.
Taiwan Semiconductor Manufacturing (TSM +0.29%) got back above one of the market's biggest round numbers on Thursday, July 30. A 7.6% jump in the shares carried the chip foundry giant's market cap through the $2 trillion mark again, to about $2.1 trillion, where it stood at Friday's close.
The company had surrendered that level during the stock's slide from its 52-week high of $479 -- a drop that, at its worst, erased roughly a fifth of the company's value even as its results kept improving. As recently as the middle of last week, the market cap sat around $1.9 trillion.
Milestone valuations usually come attached to milestone-sized expectations. This one doesn't. At about $403 per U.S.-listed share, the stock trades at about 28 times earnings and about 20 times forward earnings estimates -- roughly what investors pay for an average large company. I'd argue that combination of an ordinary multiple and an extraordinary business is the story worth examining here.
Image source: TSMC.
The growth that carried it back Taiwan Semiconductor (often called TSMC) manufactures chips for the companies that design them, and its second-quarter report on July 16 showed what the artificial intelligence (AI) build-out is doing for that business. Revenue rose about 34% year over year in U.S. dollars to $40.2 billion, up 12% from the first quarter. And net income, measured in New Taiwan dollars, grew 77% year over year to a record, working out to $4.31 per U.S.-listed share for the quarter.
The profitability behind those figures is extraordinary for a manufacturer. Gross margin came in at 67.7%, and operating margin reached 60.3%. Advanced technologies (chips built on 7-nanometer processes and smaller) generated 77% of wafer revenue, with the 3-nanometer and 5-nanometer families contributing 30% and 33%, respectively.
Even more encouraging, the next growth driver is just starting. The company's newest 2-nanometer process accounted for only 3% of wafer revenue in the quarter.
"Moving into third quarter 2026, we expect our business to be supported by continued strong demand for our leading-edge process technologies, including the steep ramp-up of our 2-nanometer technology," chief financial officer Wendell Huang said in the second-quarter earnings release.
Guidance backs the words with numbers. Management expects third-quarter revenue of $44.6 billion to $45.8 billion, another 12% sequential increase at the midpoint. The one soft spot: Gross margin is guided to 65% to 67%, a step down from 67.7%, as the costly early phase of the 2-nanometer ramp works through the factories.
An ordinary price for an unusual business Now set the valuation against all of that. At about 20 times forward earnings estimates, TSMC trades at roughly the same forward multiple as its customer Nvidia, and far below fellow chip designer Advanced Micro Devices, which fetches about 54 times forward estimates. Both of those companies lean on TSMC's factories to build the chips their valuations ride on. Investors, in other words, can own the company that manufactures nearly every leading-edge AI chip for a fraction of what some of its customers cost -- priced closer to a value stock than to the AI names it supplies.
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Why the discount? The market has its reasons, and they're not silly. TSMC is a cyclical manufacturer, and chip downturns have historically hit foundries hard. Most of its production also sits in Taiwan, so investors apply a geopolitical discount that no earnings report can erase. Additionally, heavy spending on new capacity could pressure returns if AI demand cools before the new factories fill.
However, a 20-times-forward price doesn't need heroic assumptions to work. It mostly needs the revenue already guided for, and the margins management is already delivering, to hold together. With third-quarter guidance pointing 12% higher sequentially and the 2-nanometer ramp still in its early innings, the growth on the books arguably covers the price with room to spare.
And the forward multiple likely understates the earnings power if the ramp goes well. A company that just grew profits 77% doesn't stay at an average price because its business is average. It stays there because investors are discounting risks the income statement can't capture.
A slowdown in AI spending by customers like Nvidia could change the math, and the Taiwan risk never goes away. If the next report shows gross margin landing below the guided 65% to 67%, I'd take a fresh look at my reasoning. But at this valuation, I don't need to believe anything extravagant to like the stock. So, I'd buy it.
TSMC oznámila další investici ve výši 100 miliard USD do továren v Arizoně, čímž celkový plán zvedla na 265 miliard USD. Firma tím dál přesouvá výrobu mimo Tchaj-wan.
Taiwan Semiconductor Manufacturing (TSM +0.23%) has been making huge investments to diversify its production base away from its home island of Taiwan. During its Q2 announcements, Taiwan declared it would invest another $100 billion in its Arizona production facilities, bringing its total to $265 billion. That's a huge move by TSMC, and I think it solidifies the stock as a buy.
If you've got $1,000 sitting around, I can think of few better stocks to pick right now than Taiwan Semiconductor.
Domestic chip production reduces the risk of disruption One of the biggest fears investors have historically had with Taiwan Semiconductor is its location just off mainland China. The relationship between Taiwan and China is complex, and rumors of military activity have swirled for decades. Any military action would sink TSMC's stock, as production would be disrupted.
However, that military action also may plunge the world into a war, which would wreck all forms of investing (outside of defense and staples stocks). But with TSMC moving more and more production to the U.S., the risk of a single point of failure is decreasing. Obviously, TSMC's stock would likely plummet, but the business wouldn't be as disrupted as it once was.
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Another task the Arizona investment accomplishes is increasing domestic chip production in general. Intel used to be the primary chip foundry business in the U.S. It has lost a lot of clients to TSMC due to its superior technologies and production capabilities. With a push to increase domestic chip production, TSMC either needed to onshore some of its capabilities or deal with Intel being boosted by the U.S. government, making it hard to compete with.
Lastly, Taiwan Semiconductor wouldn't be making these investments if there weren't a demand for increased chip production. During TSMC's Q2 conference call, CEO C.C. Wei stated he believes that AI chip demand will stay strong through at least 2029 to 2030, and that it could last longer due to a new industry being created. If there's enough demand to warrant a $100 billion investment for production facilities, I think investors can stay bullish on the AI trend in general.
With Taiwan Semiconductor being a chip fabricator and benefiting from increased AI spending in general, it's a neutral party that's primed to thrive over the next few years.
TSM PE Ratio (Forward) data by YCharts
At 23.5 times forward earnings, it's also a reasonably priced stock that looks primed to head higher as AI demand reaches new levels.
Keithen Drury has positions in Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends Intel and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
Taiwan Semiconductor vyvíjí balení čipů podobné EMIB od Intelu, aby rozšířila kapacitu pro AI a udržela zákazníky pod jednou střechou. Poptávka po pokročilém balení dál převyšuje nabídku.
The artificial intelligence boom has reshaped the semiconductor industry in an unexpected way. Manufacturing the world’s most advanced chips is no longer the biggest bottleneck. Packaging them has become just as important.
Demand for advanced AI processors has outpaced the industry’s ability to assemble multiple chiplets and high-bandwidth memory into a single package, creating a supply crunch that has slowed deployments across hyperscalers and AI developers alike.
That’s why a report from The Information that Taiwan Semiconductor Manufacturing (NYSE:TSM | TSM Price Prediction) is developing an “EMIB-like” packaging technology stands out. The move appears to validate one of Intel‘s (NASDAQ:INTC) biggest technological bets and could be interpreted as an acknowledgment that TSM sees a new competitive threat emerging. The story, however, is more complicated than it first appears.
Intel’s Packaging Edge Is Real, Even If Its Market Share Isn’t TSM dominates the leading-edge foundry market, producing nearly all of the world’s most advanced AI chips for customers like Nvidia (NASDAQ:NVDA), Apple (NASDAQ:AAPL), Advanced Micro Devices (NASDAQ:AMD), and Broadcom (NASDAQ: AVGO). That leadership extends into advanced packaging through its CoWoS family of technologies.
Still, Intel carved out a legitimate niche with EMIB, or Embedded Multi-die Interconnect Bridge.
Rather than using a large silicon interposer like traditional CoWoS designs, EMIB embeds small silicon bridges directly into the package substrate, connecting chiplets only where dense communications are needed. The approach lowers costs, improves yields, reduces thermal stress, and supports larger package sizes without running into wafer reticle limits.
Feature Intel EMIB TSM CoWoS Primary strength Lower cost and scalability Maximum bandwidth and density Package size Up to 6-12 reticle equivalents 5.5 reticles today, targeting 14 Best suited for AI ASICs, inference chips, custom silicon Flagship AI training GPUs Key customers Google TPU, AWS, MediaTek Nvidia Blackwell, AMD Instinct The distinction matters because not every AI accelerator needs maximum bandwidth. Many hyperscalers building custom chips prioritize cost, yield, and package size instead.
TSM Isn’t Playing Defense — It’s Protecting Its Ecosystem According to The Information, TSM is developing localized silicon bridge technology resembling EMIB while accelerating CoPoS, its panel-level packaging platform. That isn’t an admission that CoWoS has fallen behind. It’s recognition that customers increasingly want packaging flexibility.
Packaging is one of TSM’s fastest-growing businesses, but wafer manufacturing still generates roughly 85% to 90% of revenue. Even if Intel captured several billion dollars annually in outside packaging business, it would represent only a modest slice of TSM’s revenue base, which topped $120 billion last year.
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Ironically, Chairman and CEO C.C. Wei has publicly welcomed Intel’s packaging efforts because more industry capacity ultimately allows TSM to sell more leading-edge wafers. During packaging shortages, customers can still fabricate chips at TSM while using another provider to assemble them.
At the same time, TSM isn’t giving customers a reason to look elsewhere. An EMIB-like technology helps preserve the advantages of offering manufacturing and packaging under one roof.
Competition Expands the Opportunity Demand for advanced packaging is growing faster than any one company can supply. TSM is expanding CoWoS capacity at an annual pace exceeding 80%, partnering with companies like Amkor Technology (NASDAQ:AMKR) while adding U.S. packaging capacity. Intel continues advancing EMIB and EMIB-T, while Samsung and outsourced assembly specialists are investing aggressively.
More competition should grow the market rather than reshape it. Packaging remains the industry’s biggest bottleneck, so every additional source helps more AI chips reach customers.
Intel deserves credit for developing technology compelling enough that TSM appears to be adapting its roadmap. But that doesn’t make Intel the new foundry leader. TSM still combines industry-leading process technology, manufacturing scale, advanced packaging, and customer relationships in a way no rival can currently match.
Key Takeaway Intel’s EMIB technology has become a credible force in advanced packaging — not because it’s replacing CoWoS, but because it offers a better fit for certain AI chips where cost, yield, and package size matter more than peak bandwidth.
Investors shouldn’t confuse that validation with vulnerability. The real story isn’t that Intel is taking meaningful share from TSM. It’s that AI demand has become so large the market can support multiple packaging winners, while TSM remains firmly in control of the higher-value wafer manufacturing business that generates the bulk of its profits.
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The logo of Taiwan Semiconductor Manufacturing Company (TSMC) is displayed at TSMC Museum of Innovation in Hsinchu, Taiwan April 9, 2026. REUTERS/Ann Wang/File Photo Purchase Licensing Rights, opens new tab
TAIPEI, July 28 (Reuters) - Taiwan Semiconductor Manufacturing Co (2330.TW), opens new tab, the world's largest contract chipmaker, said late on Tuesday it had begun gradually resuming operations at its Japan Advanced Semiconductor Manufacturing (JASM) plant in Japan's Kumamoto prefecture after a strong earthquake prompted the precautionary evacuation of workers.
A 7.1-magnitude earthquake hit the prefecture earlier on Tuesday.
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The company said all personnel at the Japan site were confirmed safe after being evacuated in accordance with internal safety procedures.
"Post-earthquake structural inspections have been completed, confirming that the structures are safe and operations are gradually resuming. Detailed inspections and impact assessments are ongoing," it said in an emailed statement.
JASM's construction site was unaffected, TSMC said, adding that parts of the construction work had been suspended as a safety precaution because there could still be occasional aftershocks.
Reporting by Wen-Yee Lee; Editing by Hugh Lawson
Our Standards: The Thomson Reuters Trust Principles., opens new tab
TSMC ve 2. čtvrtletí zvýšila tržby téměř o 34 % a EPS o 77 %, ale poptávka po čipech pro AI už naráží na kapacitu. Nedostatek kapacit otevírá dveře Intelu a Samsungu.
Taiwan Semiconductor's (TSM -0.64%) second quarter results were stellar. Revenue soared nearly 34% year over year, earnings per share jumped by 77%, and operating margin topped 60%. TSMC's 2nm process is ramping up, accounting for 3% of total wafer revenue so far, and advanced processes now generate more than three-quarters of total wafer revenue.
Booming demand for AI accelerators, CPUs, and other chips destined for AI data centers is maxing out TSMC's capacity, and the company is unable to keep pace. TSMC is ramping up capital spending, including a $100 billion commitment to its fabs in Arizona, but CEO C.C. Wei would only say during the earnings call that he expected "very strong" demand through 2030. It's unlikely that TSMC's supply will catch up with demand anytime soon.
Image source: Getty Images.
A golden opportunity for the competition TSMC dominates the foundry market, but the best demand environment the company has ever seen is opening a door for Intel (INTC -2.47%) and Samsung (SSNLF +0.00%). With TSMC unable to fully meet demand, chip designers are actively looking elsewhere.
Both Intel and Samsung are making progress chipping away at TMSC's lead. Intel and its Intel 14A process node are involved in Elon Musk's Terafab project, and the Wall Street Journal reported in May that Apple reached a preliminary deal to use Intel for manufacturing some chips. Just this week, Intel inked a deal with Fortinet to design, manufacture, and package a custom chip on the Intel 4 process. Momentum appears to be building, and Intel's push into custom chip design is helping the cause.
Samsung is also winning major customers, signing a major deal with Tesla last year to manufacture AI chips over multiple years. Other companies, including AMD and Alphabet, are reportedly considering Samsung for future products. Samsung could be churning out AMD's server CPUs and Alphabet's TPUs if it wins those deals.
Both Intel and Samsung have distinct advantages that TSMC can't match. For Intel, it's U.S. government support, via an equity stake and its status as the only U.S.-based advanced logic semiconductor manufacturer. For Samsung, it's a memory chip manufacturing business that is currently printing cash. Wei pointed to both in response to an analyst's question about the competition.
TSMC isn't going to lose its crown, but the AI boom that's delivering record profits is also giving a serious boost to the competition.
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Keep an eye on Intel Intel is scheduled to report its quarterly results on Thursday. The company is unlikely to announce specific foundry customer wins, but management has previously said that it expects to lock down multiple design wins this year as it ramps the Intel 18A process and continues work on the upcoming Intel 14A process.
Apple is one of TSMC's largest customers, and all signs point to the iPhone giant tapping Intel for at least some chip manufacturing. TSMC doesn't have the capacity to fully meet demand, so it's not losing business per se. However, Apple having a second supplier gives the company more leverage when TSMC floats price increases.
While TSMC is printing record profits, the company's era of complete and utter dominance may be slowly coming to an end.
Timothy Green has positions in Intel. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Apple, Fortinet, Intel, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
TSMC oznámila rekordní čtvrtletí, ale akcie po zveřejnění výsledků klesly. Firma zároveň zvýšila výhled kapitálových výdajů na fiskální rok 2026 na 60–64 miliard USD.
SummaryTaiwan Semiconductor Manufacturing Company Limited reported another record-breaking quarter, but TSM stock reacted ambivalently despite strong AI-driven revenue growth.HPC now dominates TSMC's revenue mix, with North America contributing 75% of revenue and China below 10%, reflecting increased geographic and segment concentration.TSMC forecasts Q3 2026 revenue of $44.6–45.8 billion and gross margins of 65–67% but faces margin pressure from aggressive U.S. and Taiwan fab expansions.Raised FY 2026 CapEx guidance to $60–64 billion signals significant capital deployment and potential pricing power to offset higher production costs. Getty Images
After Taiwan Semiconductor Manufacturing Company Limited, aka TSMC (TSM), announced its Q2 2026 earnings on the 16th of July, the market’s reaction to the stock has been ambivalent at best, with the stock slipping after
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TSMC uvedla, že tlak Donalda Trumpa na výrobu v USA zvyšuje náklady a bude v příštích letech dál snižovat hrubou marži. Firma zároveň oznámila celkem 200 miliard USD závazků vůči USA, včetně další investice 100 miliard USD do amerických závodů.
Pressure from President Donald Trump to manufacture advanced semiconductors in the U.S. is increasing costs and squeezing margins at TSMC, the world's leading chipmaker.
Following Trump's return to power in 2025, the president has repeatedly threatened tariffs on companies that don't make their products in America.
Since then, TSMC has announced a total of $200 billion in commitments to the country, including last week's unveiling of a $100 billion investment into advanced semiconductor manufacturing and packaging facilities in the U.S.
While buoyed by the AI boom — TSMC's market cap has risen more than 100% in the past 12 months — blockbuster earnings this quarter were hit by overseas expansion, the company said.
TSMC stock.
Gross margin increased ahead of guidance, but that was offset by dilution from overseas fabs, CFO Wendell Huang said on an earnings call. Margins will be further diluted over the next "several years" as overseas fab projects "ramp-up", he added.
"President Trump's leadership is driving companies to invest in American manufacturing," said Commerce Secretary Howard Lutnick in a statement.
"TSMC's announcement of an additional $100 billion investment following our historic deal on trade and investment with Taiwan will create tens of thousands of American jobs and bring advanced semiconductor manufacturing back to America."
While other Asian chipmakers, including SK Hynix, are developing U.S. facilities, TSMC has made by far the largest commitment. Its aggressive U.S. expansion exposes it to higher production costs, creating a potential headwind for margins.
Political pressureTSMC on Thursday reported a 77.4% jump in second-quarter profit year on year, soaring past estimates and marking another record-breaking quarter for the world's largest contract-chipmaker.
It's also expanding aggressively in the U.S., as the company continues to see a "multi-year demand mega trend" from its customers, TSMC's Huang told CNBC.
Political pressure is another key driver of that overseas expansion.
"Trillions of dollars in investments by TSMC and other semiconductor companies are a result of President Trump's trade and economic policy, from a historic trade deal with Taiwan to renegotiated CHIPS program investments," a White House spokesperson told CNBC.
watch now
Building in the U.S. is considerably more expensive.
"Broadly, we estimate TSMC's US chips to cost 20-50% more than those produced in Taiwan, depending on subsidy timing, tax credit recognition and other cost fluctuations," Phelix Lee, senior equity analyst at Morningstar, told CNBC. Lee added he expected customers to bear more of the higher costs of production.
TSMC is set to raise prices for both advanced and mature chip production by up to 10% in 2027, Nikkei reported on Tuesday. TSMC told CNBC it doesn't comment on pricing.
"What helps TSMC is lack of any material competition," Gaurav Gupta, VP analyst at Gartner, told CNBC.
Because of TSMC's dominance in the leading-edge node market, "a large part of the increased costs would have to be absorbed by its clients, who are looking to diversify or have mandates from the U.S government to purchase local chips," Gupta said.
Margins The company forecasts the gross margin dilution from the ramp-up of overseas fabs in the next several years to be 2% to 3% in the early stages, widening to 3% to 4% in the latter stages, Huang said.
"This is a margin difference TSMC can afford because of its very high overall margins," said Gil Luria, head of technology research at D.A. Davidson. TSMC's second-quarter gross margin was 67.7%, up slightly from 66.2% in the first quarter.
While Trump has doubled down on calls for homegrown manufacturing, "customers have increasingly sought geographical diversification after Covid disrupted the global supply chain," said Morningstar's Lee.
"Customers are bracing for geopolitical, logistical, and other disruptions to the supply chain," he added. "We expect made-in-US pressure to persist beyond Trump, although it is less clear how carrot-and-stick will be distributed."
Key Takeaways Both ASML and TSM recently posted rock-solid quarterly results, with each raising sales outlooks. AI-driven demand remains red hot, with both companies playing critical roles in the landscape. Bullish revisions have flowed in post-earnings, keeping their near-term outlooks bullish. The 2026 Q2 earnings season really picks up pace this week, with a few Magnificent Seven members, namely Alphabet and Tesla, headlining the docket. The big banks got us off to a great start, delivering solid results without giving the market any unexpected spooks.
So far throughout the cycle, several companies, including Taiwan Semiconductor (TSM - Free Report) and ASML Holding (ASML - Free Report) , have both raised sales guidance, again underpinning just how fierce the demand picture has become concerning the AI frenzy.
ASML Plans to Increase CapacityASML designs, develops, integrates, and services advanced systems used by major global semiconductor manufacturers to create cutting-edge chips that power artificial intelligence, high-performance computing, and a wide array of other electronic and communications technologies.
Strong AI-driven demand led ASML to raise its full-year sales outlook in its recent quarterly release, also now planning to boost its machine production capacity over the next several years due to strong order intake. Overall sales of $10.8 billion grew 25% YoY, while earnings also saw strong growth, both crushing our consensus estimates.
The stock’s outlook remains bullish, with EPS revisions jumping higher across the board post-earnings.
Image Source: Zacks Investment Research
TSM Posts Huge Growth Taiwan Semiconductor, a current Zacks Rank #1 (Strong Buy), is the world's leading semiconductor foundry, reflecting a highly critical player in the technology landscape amid the AI frenzy. It manufactures the powerful chips needed to run next-generation AI technologies.
Thanks to the huge wave of artificial intelligence spending, TSMC raised its full-year revenue growth forecast to roughly 40%. The company also increased its CapEx budget to a range of $60 - $64 billion to expand its manufacturing capacity to keep pace with the soaring demand for advanced AI chips. Sales of $40.2 billion grew 33% YoY, with earnings also climbing a rock-solid 75% YoY. Both items beat our consensus estimates handily.
EPS revisions have moved higher across near-term timeframes following the release, keeping the stock’s momentum and overall outlook notably bright.
Image Source: Zacks Investment Research
Bottom Line
The 2026 Q2 earnings season is kicking into a much higher gear this week, with many notable companies slated to report in the coming days and weeks.
And so far, both ASML Holding (ASML - Free Report) and Taiwan Semiconductor (TSM - Free Report) have been standouts thanks to red-hot demand. The results from the pair further underscore just how fierce the AI landscape remains, with each posting blockbuster numbers while also raising their sales outlooks.
TSMC oznámila ve 2. čtvrtletí tržby 1,27 bilionu NT$ a tržby meziročně vzrostly o 36 %, zatímco čistý zisk stoupl o 77 %. Firma těží z širší poptávky po AI čipech mimo samotné GPU.
Artificial intelligence is moving into a new phase. The first wave centered on building massive GPU clusters to train ever-larger models. Now the industry is broadening. Companies are investing in AI memory, networking, storage, and increasingly powerful CPUs to support emerging workloads such as agentic AI.
That shift matters because it expands the number of semiconductor companies benefiting from AI spending instead of narrowing it. Few businesses are better positioned to capitalize on that trend than Taiwan Semiconductor Manufacturing (NYSE:TSM | TSM Price Prediction), which manufactures chips for nearly every major AI designer regardless of which technology ultimately comes out on top.
AI Growth Is Expanding Beyond GPUs Taiwan Semiconductor’s second-quarter results underscored just how central the company has become to the AI ecosystem. According to its second-quarter earnings release, revenue climbed to NT$1.27 trillion (about $40 billion), up 36% year over year, while net income surged 77%. Gross margin remained a robust 67.7%, highlighting that demand continues to outstrip supply for the company’s advanced manufacturing capacity.
Those results shouldn’t be viewed as a one-quarter success. Instead, they illustrate how AI demand continues to ripple across the semiconductor industry.
Today’s AI leaders, including Nvidia (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD), Broadcom (NASDAQ:AVGO), Apple (NASDAQ:AAPL), Qualcomm (NASDAQ:QCOM), and many others, rely on Taiwan Semiconductor’s manufacturing expertise. Whether companies are building GPUs, AI accelerators, networking chips, or custom silicon, many eventually end up at TSM’s fabs.
Let’s look at what that means. Instead of betting on which chip designer will dominate AI over the next decade, investors can own the company building chips for nearly all of them.
“The AI market continues to be very dynamic. The emergence of Agentic AI is leading to a resurgence in the role of CPUs in AI data centers… no matter what CPU approach is taken, whether it’s x86, ARM-based, or RISC-V architecture, they are almost all TSMC’s customers.”
That’s an important point investors shouldn’t overlook. The CPU market now has multiple growth paths:
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CPU Architecture Key Players Why It Matters For TSM x86 AMD, Intel (NASDAQ:INTC) AI servers continue requiring powerful host CPUs ARM Nvidia, Ampere, Apple, Amazon (NASDAQ:AMZN) Custom processors are becoming more common in AI infrastructure RISC-V Numerous startups and hyperscalers Open-source architecture is attracting growing investment In every case, Taiwan Semiconductor stands to manufacture many of those chips.
Ironically, investors don’t have to predict which CPU architecture wins. If AI demand continues expanding, TSM benefits from higher wafer volumes regardless of whether x86, ARM, or RISC-V captures the largest market share.
Key Takeaway In short, Taiwan Semiconductor offers investors something increasingly rare: a way to benefit from AI without having to predict which chip company becomes the next superstar.
Granted, risks remain. Semiconductor demand has always been cyclical, geopolitical tensions surrounding Taiwan haven’t disappeared, and AI spending could eventually slow from today’s rapid pace.
That said, the AI opportunity is becoming broader rather than narrower. Memory, CPUs, networking, and custom AI silicon are all seeing growing investment alongside GPUs. Since Taiwan Semiconductor sits at the center of nearly every one of those markets, each new AI trend creates another avenue for growth.
Ultimately, that’s the company’s greatest competitive advantage. AI may evolve in ways nobody fully expects over the next decade. Regardless of whether the future belongs to GPUs, custom accelerators, ARM processors, x86 chips, or RISC-V designs, Taiwan Semiconductor is positioned to manufacture the silicon powering them all.
For investors looking for one company that can ride nearly every wave of the AI revolution, that’s a compelling place to start.
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TSMC v předobchodní fázi vzrostla téměř o 4 % poté, co zpráva uvedla, že firma od roku 2027 zvýší ceny výroby čipů o 5 % až 10 %. U zakázek pro AI mohou být příplatky ještě vyšší, a to 10 % až 15 % nad základní cenu.
US-listed shares of Taiwan Semiconductor Manufacturing Co. rose nearly 4% in pre-market trading on Tuesday after a report said the world's largest contract chipmaker has finalized plans to increase chipmaking prices next year.
According to a Nikkei Asia report, TSMC has completed discussions with customers on base-price increases ranging from 5% to 10% for both advanced and mature semiconductor production.
The changes are expected to take effect in 2027 as the company seeks to offset rising manufacturing costs.
The report said TSMC began discussions with customers in June and concluded negotiations this month.
The planned increases would apply across advanced and mature chip production, while some artificial intelligence chip orders could face additional surcharges because of continued demand.
The reported price increases come as TSMC faces higher costs for materials, manufacturing equipment and power while continuing to expand production capacity.
The company recently raised its 2026 capital spending outlook, citing strong AI demand and the increasing cost of expanding manufacturing capacity, including its Arizona operations, where its total investment pipeline now stands at $265 billion.
TSMC manufactures chips for some of the world's largest technology companies, including Nvidia, Apple, Advanced Micro Devices, Qualcomm, Amazon and Alphabet.
The Nikkei report said TSMC delayed the planned price increases until 2027 to give customers time to adjust.
Despite the reported pricing changes, the company reiterated its long-standing approach to customer relationships.
"We don’t suddenly increase our price," Chief Executive Officer C. C. Wei told analysts in July after reporting quarterly earnings. "We earn our value and we make sure that our profit, our gross margin is enough for our long-term sustained expansion, that’s to the benefit of my customers and TSMC also, that’s our philosophy."
TSMC also said in a statement on Tuesday: "Our pricing strategy is strategic, not opportunistic. We will continue to work closely with customers and sell our value to them."
According to the report, TSMC's largest AI customers could see the biggest increases.
Orders for high-performance computing chips beyond previously agreed volumes may carry an additional surcharge of 10% to 15% on top of the base price increases.
As a result, some advanced AI chip orders could see total price increases exceeding 10%.
Advanced manufacturing nodes of 7 nanometers and below accounted for 77% of TSMC's second-quarter revenue, while mature nodes including 12nm, 16nm and 28nm contributed the remaining 23%.
The company continues to expand manufacturing capacity to meet demand for AI chips used in data centers, with customers such as Nvidia seeking faster production to ease supply constraints.
Last week, TSMC reported second-quarter revenue of NT$1.27 trillion ($39.44 billion), ahead of Wall Street estimates of NT$1.26 trillion.
Adjusted earnings per share came in at NT$27.25, exceeding estimates of NT$24.29.
During an interview with CNBC last week, Chief Financial Officer Wendell Huang said TSMC is accelerating the buildout of its Arizona facilities to capitalize on the AI "megatrend."
"We’re seeing this strong-structure, multi-year demand, and we do not plan to leave any food on the table for anybody else," Huang said.
He added that the company's 2-nanometer technology is expected to become a larger revenue driver over the coming quarters.
TSMC oznámila během hovoru k výsledkům za 2. čtvrtletí další investici 100 miliard USD na rozšíření továren v Arizoně. Signalizuje to, že poptávka po AI čipech dál roste.
Taiwan Semiconductor Manufacturing (TSM 2.96%) may be one of the most important companies to the health of the AI infrastructure build-out. Its foundries churn out the logic chips designed by nearly every one of the major players in the space, and it just made an announcement that supports the idea that we're still in the early innings of the AI build-out. During its second-quarter earnings call, it announced it would make an additional $100 billion investment in expanding its chipmaking facilities in Arizona. If Taiwan Semiconductor suspected that the AI build-out was nearing completion, it wouldn't be increasing its production capacity.
Given its leading position in a still-growing space, I think Taiwan Semiconductor is one of the lowest-risk, highest-potential-reward options in the market, and it still looks like a phenomenal investment now, even after rising over 30% so far this year.
AI computing power starts with Taiwan Semiconductor Taiwan Semiconductor is the world's leading third-party chip foundry, which means it takes chip designs from its clients and manufactures them on their behalf. Its customers include tech giants Nvidia, AMD, Apple, Broadcom, and Tesla. This puts TSMC in a strong position, as it often manufactures chips for rivals such as Nvidia and AMD, allowing it to profit regardless of which of those customers is winning in the marketplace. Taiwan Semiconductor accounts for nearly three-quarters of all semiconductor industry revenue in the world, according to research by The Motley Fool. During the quarter, 66% of its revenue came from high-performance computing, showcasing that AI is eating up a lot of Taiwan Semiconductor's production capacity, and explaining its plan to expand its Arizona foundries.
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Taiwan Semiconductor is one of the top ways to invest in the AI arms race, and it's honestly not as expensive as you might guess, considering its solid growth rate. (Revenue grew by 34% in U.S. dollars during Q2.) At 24 times forward earnings, Taiwan Semiconductor trades at only a small premium to the S&P 500 (^GSPC 1.01%), which averages 21.7 times forward earnings.
TSM PE Ratio (Forward) data by YCharts.
Few companies have as much guaranteed success as Taiwan Semiconductor does as long as spending on AI computing power remains robust. All signs point to that assumption remaining correct over the next few years, which gives me confidence that Taiwan Semiconductor will be a market-crushing stock over that period, making it a no-brainer buy today.
Keithen Drury has positions in Broadcom, Nvidia, Taiwan Semiconductor Manufacturing, and Tesla. The Motley Fool has positions in and recommends Advanced Micro Devices, Apple, Broadcom, Nvidia, Taiwan Semiconductor Manufacturing, and Tesla. The Motley Fool has a disclosure policy.
Taiwan Semiconductor Manufacturing ve 2. čtvrtletí zvýšila tržby o 33,7 % na 40,2 miliardy USD a čistý zisk o 77,4 % na rekordní úroveň. Firma zároveň zvedla výhled tržeb na 3. čtvrtletí i celoroční růst pro rok 2026.
The AI chip trade has cracked this month. Micron Technology has dropped about 32% in three weeks. Broadcom sits roughly 24% below its 52-week high. Even Nvidia (NVDA 1.97%), which has held up better than most, is down about 12% from its high as of this writing.
The fear isn't weak demand so much as who captures it. Chinese AI lab DeepSeek is reportedly developing its own AI chip to reduce its reliance on Nvidia, according to a July 7 Reuters report. OpenAI recently unveiled a custom inference chip of its own, designed with Broadcom. And the big cloud companies keep scaling their in-house silicon programs.
Investors are suddenly asking which chip designer keeps its pricing power in a world where every major AI player wants alternatives.
I'd rather skip that argument entirely. The AI chip stock I'd buy hand over fist in this sell-off is Taiwan Semiconductor Manufacturing (TSM 2.96%), the company that manufactures leading-edge chips for nearly every side of the fight.
Image source: TSMC.
A record quarter the market shrugged at Taiwan Semi reported second-quarter results on Thursday, and they were exceptional. Revenue rose 33.7% year over year to $40.2 billion. Net income jumped 77.4% year over year, reaching a fresh record. Gross margin came in at 67.7%, its fourth straight quarter of expansion, up from 59.5% in the third quarter of 2025.
The trajectory matters as much as the levels. TSMC's year-over-year net income growth has accelerated from 35% in the fourth quarter of 2025 to 58.3% in the first quarter of 2026 and now 77.4%. Management expects the momentum to continue, too, guiding for third-quarter revenue of $44.6 billion to $45.8 billion, or roughly 37% year-over-year growth at the midpoint. On the earnings call, management also raised its full-year 2026 revenue growth outlook to slightly more than 40%, up from its earlier call for growth of more than 30%.
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Driving all of this is the company's grip on leading-edge manufacturing. Chips built on 7-nanometer processes and smaller accounted for 77% of wafer revenue in the quarter. And the next wave is just beginning.
"Moving into third quarter 2026, we expect our business to be supported by continued strong demand for our leading-edge process technologies, including the steep ramp-up of our 2-nanometer technology," said chief financial officer Wendell Huang in the company's second-quarter earnings release.
Why not Nvidia? To be clear, I like Nvidia's business. But this particular sell-off is aimed at the exact thing that makes Nvidia's stock work: its pricing power. If DeepSeek, OpenAI, and the cloud giants succeed in designing around Nvidia's graphics processing units (GPUs), Nvidia's growth could slow.
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Taiwan Semi doesn't have that problem. After all, those custom chips still have to be manufactured somewhere, and the leading-edge capacity to build them is overwhelmingly TSMC's.
The company manufactured 12,682 products for 534 customers in 2025. Owning the stock is a bet on AI computing demand itself, not on any one design winning.
What about the cheaper, harder-hit names? Micron trades at about 6 times forward earnings after its plunge. But memory is a deeply cyclical business, and buying it here is a bet that today's unusually strong memory pricing holds.
Broadcom, a genuine winner in custom AI chips, is arguably the closer call. But even down 24%, it trades at about 21 times forward earnings, with its custom-chip momentum already priced in.
Taiwan Semi, meanwhile, trades at about 30 times trailing earnings at its price of around $410 as of this writing -- roughly in line with Nvidia, for a business whose profit growth is accelerating and whose margins keep expanding.
Of course, there are reasons the market hesitated on Thursday. Alongside the record results, management raised its 2026 capital spending plan to $60 billion to $64 billion, at least $4 billion above its prior forecast, and pledged an additional $100 billion investment in Arizona. Spending at that scale could pressure margins over time.
The bigger risks are older ones. Most of the company's production still sits in Taiwan, with all the geopolitical uncertainty that entails. And the semiconductor industry has never stopped being cyclical.
But at this valuation, I think investors are getting the company that manufactures nearly every leading-edge AI chip, at close to Nvidia's multiple, without having to guess which designs win.
With that said, I'd size the position with the geopolitical risk in mind.
TSMC oznámila dalších 100 miliard USD investic ve Spojených státech, čímž celkový závazek zvyšuje na 265 miliard USD kvůli silné poptávce po AI. Zároveň zvýšila celoroční výhled tržeb na o něco více než 40 %.
Chip giant Taiwan Semiconductor Manufacturing Co. is supercharging an already massive US investment spree – pledging an additional $100 billion to meet surging AI demand.
The move brings TSMC’s investment in the US to $265 billion and comes as the company posted second-quarter earnings that blew past market expectations Thursday.
TSMC, which supplies powerful chips that are critical for tech giants like Apple and Nvidia, boosted its global capital spending plan for 2025 to between $60 billion and $64 billion.
TSMC Chairman and Chief Executive C.C. Wei is doubling down on American investment with an additional $100 billion. AFP via Getty Images That record level marks an increase of about 7% to 14% from its previous forecast.
Still, TSMC’s US-listed shares slipped 3% after the earnings report as the market continues to be squeamish about lofty valuations and questions about return on investment for the AI industry.
The spending spree comes in response to demand from top US customers and could fund the addition of four more advanced facilities to TSMC’s existing Arizona site, according to the company’s Chair and CEO C.C. Wei.
It’s “the largest foreign direct investment in US history,” he said.
TSMC originally pledged $100 billion last year to boost production in the US as part of a four-year project announced alongside President Trump. That move came amid Trump’s threats to impose harsh tariffs on computer chips and other key products while seeking to secure better deals for the US economy.
Commerce Secretary Howard Lutnick hailed Thursday’s announcement, saying it “will create tens of thousands of American jobs and bring advanced semiconductor manufacturing back to America.”
The record investment plans firmly place the TSMC atop the global semiconductor supply chain and provide the latest signal the AI boom isn’t slowing down anytime soon.
The earnings win came days after chip equipment supplier ASML also upped its annual sales forecast, citing strong AI demand.
TSMC’s spending spree could fund the addition of four more advanced facilities. Bloomberg via Getty Images Earlier this year, Taiwan and the US reached a trade and investment agreement that aims to further the Trump administration’s effort to rebuild domestic manufacturing.
Expanding in the US gives TSMC a stronger presence near its biggest customers while allowing the company to keep its most advanced chipmaking technology in Taiwan.
Wei said the company’s US expansion wasn’t a short-term decision but the result of years of planning – chip fabrication plants cost tens of billions of dollars and take years to complete as companies must forecast future demand long before construction begins.
“We are using multiple levers to do everything we can, wherever we can, however we can, to maximize support to all our customers,” Wei said.
The Taiwanese chip giant now expects full-year revenue growth to come in at slightly more than 40%, raising its outlook from an earlier projection of more than 30%.
The optimism appeared to be backed up by TSMC’s latest quarterly results. Net profit surged 77% from a year earlier to 706.56 billion New Taiwan dollars, or $21.98 billion, while revenue climbed 36% as AI infrastructure spending and consumer electronics stockpiling lifted sales during what is usually a softer quarter.
SummaryTaiwan Semiconductor Manufacturing Company Limited aka TSMC delivered robust Q2 results with strong demand, top-line growth, and significant margin expansion, reinforcing its Buy rating.TSMC's 2nm and 3nm technologies now account for a third of revenue, with high performance computing driving 66% of total sales.Gross and operating margins expanded sharply YoY, but future gross margins may face short-term pressure from new tech ramp-up and increased CapEx.TSMC trades at a discount to peers due to geopolitical risks, offering a larger margin of safety and attractive forward P/E multiples around 20x for 2027. JHVEPhoto/iStock Editorial via Getty Images
It has already been more than 6 months since my last analysis on Taiwan Semiconductor Manufacturing Company Limited aka TSMC (TSM); my rating was a Buy, and my main argument was that growth
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TSMC zveřejnila konferenční hovor k výsledkům za 2. čtvrtletí 2026 a následný výhled na 3. čtvrtletí 2026. CFO Wendell Huang měl shrnout provozní výsledky a vedení klíčové zprávy společnosti.
Taiwan Semiconductor Manufacturing Company Limited (TSM) Q2 2026 Earnings Call July 16, 2026 2:00 AM EDT
Company Participants
Jeff Su - Director of Investor Relations
Jen-Chau Huang - Senior VP & CFO
C.C. Wei - Chairman & CEO
Conference Call Participants
Sunny Lin - UBS Investment Bank, Research Division
Charlie Chan - Morgan Stanley, Research Division
Yu Jang Lai - Macquarie Research
Gokul Hariharan - JPMorgan Chase & Co, Research Division
Jim Fontanelli - Arete Research Services LLP
Mehdi Hosseini - Susquehanna Financial Group, LLLP, Research Division
Chia Yi Chen - Citigroup Inc., Research Division
Haas Liu - BofA Securities, Research Division
Robert Sanders - Deutsche Bank AG, Research Division
Evelyn Yu - Goldman Sachs Group, Inc., Research Division
Junhong Pan - KGI Securities Co. Ltd., Research Division
Presentation
Jeff Su
Director of Investor Relations
Good afternoon, everyone. And welcome to TSMC's Second Quarter 2026 Earnings Conference and Conference Call. This is Jeff Su, TSMC's Director of Investor Relations and your host for today.
Today's event is being webcast live through TSMC's website at www.tsmc.com, where you can also download the earnings release materials. [Operator Instructions]
The format for today's event will be as follows: First, TSMC's Senior Vice President and CFO, Mr. Wendell Huang, will summarize our operations in the second quarter 2026, followed by our guidance for the third quarter 2026. Afterwards, Mr. Huang and TSMC's Chairman and CEO, Dr. C.C. Wei, will jointly provide the company's key messages. Then we will open both the floor and the line for the question-and-answer session.
As usual, I'd like to remind everybody that today's discussions may contain forward-looking statements that are subject to significant risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements. Please refer to the safe harbor notice that appears in our press release.
Podobně jako ve středu ASML přikročila o den později k výraznému zlepšení výhledu také Taiwan Semiconductor Manufacturing Co. (TSMC). Největší smluvní výrobce čipů na světě zvýšil pro letošní rok jak výhled investičních výdajů, tak i tržeb. Firma tím investorům vyslala jasný signál, že očekává pokračující silnou poptávku po AI čipech a datová centra ještě několik dalších let.
TSMC pro letošek nově počítá s kapitálovými výdaji v rozmezí 60 až 64 miliard dolarů. Předchozí odhad přitom počítal s 52 až 56 miliardami dolarů. Část zvýšených investic má zamířit do USA, konkrétně do rozšiřování výroby v Arizoně, kde firma investuje celkem 265 mld. USD.
TSMC zároveň zvýšila očekávání růstu tržeb v dolarovém vyjádření na více než 40 procent, zatímco dříve předpokládala růst přesahující 30 procent. Pro třetí kvartál počítá s tržbami mezi 44,6 mld. USD a 45,8 mld. USD s provozní marží mezi 56 a 58 procenty. "Poptávka po AI je stále velmi silná," oznámil předseda podniku C.C. Wei.
Firma navíc uvedla, že investiční tempo by mohlo v nadcházejících třech letech nabrat ještě větší obrátky. Podle vedení společnosti stojí za tím přesvědčení, že technologičtí giganti včetně Mety Platforms nebo Alphabetu budou pokračovat v rozsáhlém budování infrastruktury pro umělou inteligenci.
Čtyři největší američtí provozovatelé cloudových a AI platforem, označovaní jako hyperscaleři, mají letos investovat do datových center a související infrastruktury více než 725 miliard dolarů. Právě tato vlna investic byla jedním z hlavních motorů růstu technologických akcií v letošním roce. TSMC je přitom investory vnímána jako jeden z nejdůležitějších indikátorů vývoje celého odvětví, protože vyrábí většinu nejpokročilejších čipů na světě, píše agentura Bloomberg.
Rychlý růst sektoru však zároveň vyvolává otázky ohledně udržitelnosti současných valuací. Investoři stále častěji přemítají nad tím, zda zmíněné společnosti nebudují větší výpočetní kapacitu, než budou v budoucnu skutečně potřebovat.
Finanční ředitel TSMC Wendell Huang má ale jasno. Během konferenčního hovoru s analytiky zdůraznil, že důvěra firmy v dlouhodobý trend rozvoje umělé inteligence zůstává velmi silná. „Kapitálové výdaje v příštích třech letech budou ještě větší, výrazně vyšší než v uplynulých třech letech,“ řekl.
Podobný optimismus zaznívá i od dalších klíčových hráčů v polovodičovém řetězci. Třeba jihokorejská SK Hynix očekává, že nedostatek paměťových čipů by mohl přetrvávat i po roce 2030. Rostoucí poptávka po AI systémech zvyšuje zájem jak o tradiční paměťové čipy, tak o pokročilé HBM paměti, které jsou nezbytnou součástí moderních AI akcelerátorů.
Co se týče samotných výsledků za druhé čtvrtletí, tak v něm TSMC vykázala meziroční růst čistého zisku o 77,4 procenta na 22,36 mld. USD při očekávání 19,74 mld. USD. Tržby vzrostly oproti stejnému období minulého roku o 33,7 procenta na 40,2 mld. USD.
Tchajwanský výrobce čipů TSMC zveřejnil výsledky hospodaření za druhé čtvrtletí roku 2026 a zároveň představil výhled tržeb na třetí čtvrtletí, který překonal průměrný odhad analytiků. Společnost oznámila také dodatečnou investici 100 mld. USD do rozšíření výroby v americké Arizoně.
Výsledky společnosti TSMC (TSM) za 2Q 2026 2Q 2026 2Q 2025 Tržby (mld. USD) 40,20 30,07 Čistý zisk (mld. USD) 22,36 12,58 Zisk na ADR* (ADR, USD/akcie) 4,31 2,43 * Akcie TSMC se obchodují formou amerických depozitních certifikátů (ADR), jeden odpovídá pěti akciím.
Výsledky za 2Q Tržby dosáhly 1,27 bil. TWD (40,20 mld. USD), meziročně vzrostly o 36,0 % v tchajwanských dolarech, resp. o 33,7 % v USD, a byly v souladu s odhadem 1,27 bil. TWD.
Hrubá marže dosáhla 67,7 %, nad odhadem 67,1 %.
Provozní zisk činil 766,6 mld. TWD (24,26 mld. USD), nad odhadem 742,75 mld. TWD. Provozní marže dosáhla 60,3 %, nad odhadem 58,6 %.
Čistý zisk dosáhl 706,6 mld. TWD (22,36 mld. USD), meziročně vzrostl o 77,4 % a překonal odhad 623,73 mld. TWD. Čistá zisková marže činila 55,6 %.
Ředěný zisk na akcii dosáhl 27,25 TWD (4,31 USD na ADR), meziročně vzrostl o 77,4 %.
V mezikvartálním srovnání tržby vzrostly o 12,0 % a čistý zisk o 23,4 %.
Tržby podle technologie
Tržby společnosti dle jednotlivých technologií, zdroj: TSMC
Tržby podle platformy
Tržby společnosti dle jednotlivých platforem, zdroj: TSMC
Výhled na 3Q 2026 Společnost pro třetí čtvrtletí roku 2026 očekává:
Tržby 44,6–45,8 mld. USD (konsensus: 43,11 mld. USD). Hrubou marži 65–67 % (konsensus: 65,9 %). Provozní marži 56–58 % (konsensus: 57,7 %). Komentář vedení Wendell Huang, finanční ředitel TSMC, uvedl: „Náš byznys ve druhém čtvrtletí byl podpořen silnou poptávkou po našich špičkových procesních technologiích. Do třetího čtvrtletí 2026 očekáváme, že náš byznys bude nadále podporován silnou poptávkou po špičkových procesních technologiích, včetně prudkého náběhu naší 2nanometrové technologie.“
Generální ředitel C.C. Wei zároveň oznámil, že společnost nyní očekává celoroční růst tržeb za rok 2026 mírně nad 40 % meziročně v dolarovém vyjádření. Huang dodal, že TSMC zvýší kapitálové výdaje pro rok 2026 na 60–64 mld. USD, jelikož společnost nadále výrazně investuje na podporu růstu svých zákazníků.
Dodatečné informace TSMC oznámil, že do svého závodu v americké Arizoně investuje dalších 100 mld. USD na výstavbu „čtyř nebo více“ továren, čímž se celkový objem investičních plánů společnosti ve Spojených státech zvýší na 265 mld. USD. Podle Weie má jít o výstavbu několika a více závodů na výrobu logických polovodičových waferů pro technologie 2 nm a novější, stejně jako závodů pro pokročilé pouzdření.
Akcie TSMC Akcie TSMC (TSM) včera v poburzovní fázi obchodování vzrostly o 0,84 % na 423,00 USD.
Taiwan Semiconductor Manufacturing Co Ltd (TSM) před výsledky uzavřely na 419,48 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 2175,6 P/E 28,6 Vývoj za letošní rok (%) +38,0 Očekávané P/E 27,0 52týdenní minimum (USD) 223,7 Prům. cílová cena (USD) 486,8 52týdenní maximum (USD) 479,0 Dividendový výnos (%) 0,8 Zdroj: TSMC, Bloomberg
TSMC ve druhém čtvrtletí zvýšila čistý zisk o 77,4 % na rekordních NT$706,56 miliardy a výnosy vzrostly o 36 % na NT$1,27 bilionu. Výsledky překonaly odhady díky silné poptávce po AI čipech.
Taiwan Semiconductor Manufacturing Co on Thursday reported a 77.4% jump in second-quarter profit year on year, shattering estimates as the world's largest contract-chipmaker continues to set consecutive record-breaking milestones.
Here are TSMC's second-quarter results against LSEG SmartEstimates, which are weighted toward forecasts from analysts who are more consistently accurate:
Revenue: 1.27 trillion new Taiwan dollars ($39.45 billion ) vs. NT$1.264 trillion expectedNet income: NT$706.56 billion vs. NT$632.64 billion expected The Taiwanese tech giant's net income for the three months ended in June was a record high for a fifth consecutive quarter, and surged 23.4% from the prior quarter.
Revenue surged to NT$1.27 trillion, a 36% jump from NT$933.79 billion in the same period year ago. Advanced technologies — 7-nanometer and under — accounted for 77% of total wafer revenue, the company said.
The company capped off a quarter of massive growth that included stellar sales in June released earlier this week.
TSMC shares, which have gained over 58% so far this year, rose 1.23% Thursday.
Asia's most valuable company has been riding robust demand for AI chips it manufactures for global tech giants, including Nvidia, Apple and Broadcom.
Wedbush čeká, že TSMC ve 2. čtvrtletí lehce překoná odhady díky silným tržbám a poptávce po pokročilých čipech. Firma může zlepšit celoroční výhled tržeb.
Taiwan Semiconductor Manufacturing Co (ADR) (NYSE:TSM) is expected to report second quarter results that come in slightly ahead of expectations, with Wedbush analysts pointing to strong revenue trends and continued demand for advanced semiconductor technologies as potential drivers for a stronger outlook.
Wedbush reiterated its ‘Outperform’ rating ahead of TSMC’s earnings, writing that the company’s monthly revenue figures indicate it likely exceeded the firm’s prior second-quarter top-line estimate by around 1%, similar to the previous quarter’s performance.
The analysts expect gross margins to have at least reached the midpoint of TSMC’s prior guidance range, noting that results appeared to track closely with expectations throughout the quarter.
Looking ahead, Wedbush expects TSMC could provide an improved revenue outlook for the full year. The company previously guided for sales growth of more than 30% in US dollar terms, while revenue growth has been tracking in the high-30% range year-to-date. Wedbush wrote that the ramp of TSMC’s 2-nanometer process technology in the second half of 2026 could support at least mid-30% annual sales growth.
The analysts added that such an outcome could lead to higher 2026 estimates and reduce the magnitude of the slowdown they currently model for 2027.
Wedbush also highlighted gross margins as a key area to monitor, with the firm and consensus forecasts currently expecting some pressure in the second half of the year due to the 2nm launch and expanded overseas manufacturing capacity. The analysts wrote that third-quarter guidance should provide more visibility into how those factors will affect profitability, while recent currency movements could provide some benefit.
Capital spending will also be closely watched, with Wedbush writing that sustained demand for advanced nodes could prompt TSMC to raise its annual capex outlook again. The analysts noted that this would further support the view that current 2027 revenue growth expectations may be too conservative.
Wedbush wrote that TSMC remains one of its preferred hardware investments, citing the company’s position in advanced semiconductor manufacturing and packaging as a key beneficiary of the ongoing AI data center build-out and future edge AI opportunities across areas including optics, robotics, automotive technology and electronic design automation.
Shares of TSMC traded hands at $417 on Wednesday afternoon, having gained more than 37% so far this year.
TSMC čeká ve čtvrtek další rekordní zisk; analytici odhadují čistý zisk za 2. čtvrtletí +59 % na NT$632,6 miliardy. Investoři ale sledují hlavně výhled hospodaření a případné zpoždění platformy Vera Rubin od Nvidie.
TSMC is expected to deliver another record profit on Thursday, but investors may need more than strong headline numbers to push the stock higher.
The chipmaker reports at 2 AM ET on July 16. Analysts expect second-quarter net profit to surge 59% to NT$632.6 billion, which would mark a fifth consecutive quarterly record.
Revenue is already known: sales rose 36% to NT$1.27 trillion.
Yet TSMC’s US-listed shares have gained about 38% in 2026, leaving investors focused on third-quarter guidance and whether Nvidia’s next-generation Vera Rubin rollout remains on schedule.
TSMC’s second-quarter revenue narrowly exceeded the NT$1.264 trillion consensus compiled by LSEG, reinforcing the strength of demand for its most advanced manufacturing processes and chip-packaging services.
Any quarterly profit above NT$572.5 billion would set another company record.
The company previously forecast a gross margin of between 65.5% and 67.5%, alongside an operating margin of 56.5% to 58.5%.
Investors will examine whether stronger pricing and high factory utilisation allowed TSMC to reach the upper end of those ranges, particularly as overseas expansion costs continue to rise.
Dan Nystedt, a research analyst at investment firm TriOrient, told Reuters that the revenue performance showed AI demand remained healthy, supporting TSMC’s advanced-node production and chip-on-wafer-on-substrate, or CoWoS, packaging business.
Because TSMC has already disclosed its sales, Thursday’s share-price reaction will probably depend more heavily on profitability and management’s outlook.
Options markets imply that the US-listed stock could move roughly 5% in either direction by the end of the week. The shares closed Tuesday at $420.39.
TSMC manufactures Nvidia’s most advanced AI processors and provides the sophisticated packaging needed to combine GPUs with high-bandwidth memory.
That makes Nvidia’s annual product cadence an important driver of TSMC’s advanced-node utilisation and CoWoS demand.
KeyBanc analyst John Vinh recently flagged a slight delay to Nvidia’s Vera Rubin rollout, citing thermal heat-lid issues and delays involving HBM4 qualification.
The concern is not that demand has disappeared.
Rather, a later volume ramp could shift production and revenue between quarters at a time when investors expect AI growth to accelerate during the second half.
Vinh believes the financial impact should remain limited because Nvidia can compensate by shipping more B300 Blackwell systems.
He still expects Rubin shipments to begin ramping in July and forecasts deliveries of roughly 1.7 million to 1.8 million units during 2026.
KeyBanc retained an Overweight rating on Nvidia and raised its price target to $330 from $310.
Bank of America analyst Haas Liu said in a research note that supply-chain checks continued to indicate a strong AI demand pipeline.
He believes TSMC could raise its full-year revenue-growth outlook from the current forecast of more than 30%.
Capital expenditure will provide another important signal.
TSMC previously said its 2026 spending would reach the upper end of its $52 billion to $56 billion range.
Liu believes the company could lift that forecast to about $58 billion, reflecting tight equipment availability and capacity expansion across advanced logic, memory and packaging.
Nystedt, by contrast, expects management to retain the existing range.
A larger budget would signal confidence that demand from Nvidia, custom-chip designers and hyperscale cloud companies can remain strong.
Unchanged spending would not necessarily indicate weakness, although it could disappoint investors positioned for another upgrade.
GE Aerospace čeká za 2. čtvrtletí růst tržeb o téměř 17 % na 11,86 miliardy USD a EPS o 12 % na 1,86 USD. Taiwan Semiconductor má podle odhadů dosáhnout EPS 3,87 USD a tržeb téměř 40 miliard USD.
As the second-quarter earnings season heats up, investors are looking for companies that combine durable long-term growth drivers with strong underlying fundamentals.
While quarterly reports can create short-term volatility, they also provide opportunities to build positions in high-quality businesses that have the potential to outperform over time.
Three stocks that stand out ahead of their upcoming Q2 reports on Thursday, July 16 are GE Aerospace (GE - Free Report) ), Taiwan Semiconductor (TSM - Free Report) ), and UnitedHealth Group (UNH - Free Report) ).
Each operates in an industry with attractive long-term demand trends, boasts market-leading positions, and has catalysts that could support further upside if quarterly results reinforce their investment theses.
GE Aerospace Continues to Benefit From Aviation RecoveryGE Aerospace has emerged as one of the market's premier industrial companies following its transformation into a pure-play aerospace business. The company continues to benefit from robust commercial air travel demand following the COVID-19 pandemic, rising aircraft utilization, and a growing backlog of engine service work.
Perhaps GE's greatest strength is its highly profitable aftermarket business. As airlines keep aircraft flying longer amid ongoing delivery constraints from Boeing (BA - Free Report) ) and Airbus (EADSY - Free Report) ), demand for maintenance, repair, and overhaul services continues to rise. Since servicing engines typically generates higher margins than selling new ones, this dynamic has helped drive steady earnings expansion.
Analysts expect another quarter of solid revenue and earnings growth as commercial aviation remains healthy despite lingering supply-chain challenges. GE’s Q2 revenue is expected to be up nearly 17% to $11.86 billion, with quarterly EPS projected to rise 12% to $1.86.
Taiwan Semiconductor Remains at the Center of the AI BoomFew companies are more important to the artificial intelligence investment story than Taiwan Semiconductor. As the world's largest contract chip manufacturer, TSM produces the advanced semiconductors powering AI accelerators designed by Nvidia (NVDA - Free Report) ), AMD (AMD - Free Report) ), Broadcom (AVGO - Free Report) ), and Apple (AAPL - Free Report) ).
Demand for advanced manufacturing capacity continues to outpace supply, allowing Taiwan Semiconductor to benefit from favorable pricing, exceptional capacity utilization, and expanding profit margins.
Adding confidence ahead of earnings, the company most recently reported record quarterly revenue and EPS during Q1 at $35.89 billion and $3.49 per share, respectively.
Wall Street expects new quarterly peaks, with consensus estimates calling for Q2 EPS of $3.87 on nearly $40 billion in revenue, reflecting continued AI-driven demand. Those expectations reflect nearly 57% EPS growth and 32% sales growth.
UnitedHealth is Staging an Impressive TurnaroundTrading near its 52-week high, UnitedHealth Group’s stock has been on an impressive rebound after facing increased regulatory scrutiny, higher-than-expected Medicare Advantage utilization, and uncertainty surrounding reimbursement trends.
With those headwinds starting to subside, investors are starting to re-recognize the company's industry-leading scale. Although Q2 sales are expected to dip 1% to $110.05 billion, quarterly EPS is expected to be up 18% to $4.84, reflecting the health giant’s more promising execution.
Of course, what has also kept investors engaged is that UNH offers a very respectable 2.16% annual dividend yield that equates to $9.28 per share quarterly.
Bottom LineQuarterly earnings often create volatility, but they can also present opportunities to accumulate shares of industry leaders with durable competitive advantages.
GE Aerospace and Taiwan Semiconductor are currently sporting a Zacks Rank #2 (Buy), with UnitedHealth Group stock boasting a Zacks Rank #1 (Strong Buy). Investors looking to strengthen their portfolios as the Q2 earnings season heats up may find these three blue-chip companies worthy of closer consideration.
TSMC oznámila, že červnové tržby meziročně vzrostly o 68 % a meziměsíčně o 6,2 %, což naznačuje silnou poptávku po AI čipech. Firma zároveň překonala horní hranici kvartálního výhledu tržeb.
Taiwan Semiconductor Manufacturing (TSM +0.50%) is right in the middle of the artificial intelligence (AI)-fueled semiconductor boom, primarily due to its status as the world's largest foundry that manufactures chips for leading fabless chipmakers and consumer electronic companies.
There is a good chance of TSMC stock getting a nice shot in the arm when it releases its second-quarter results on July 16. The strong demand for TSMC's advanced chipmaking nodes and the company's solid pricing power indicate that it could crush Wall Street's expectations. And now, the latest monthly revenue update from TSMC makes it clear that this semiconductor bellwether is on track to deliver more upside following 32% gains in 2026.
Let's see why that may be the case.
Image source: TSMC.
TSMC's Q2 performance indicates that AI chip demand is getting stronger TSMC's June revenue jumped by an impressive 68% year over year. This is the fastest monthly revenue growth the company has reported in 2026, well above the 45% year-over-year jump in its March revenue. What's worth noting is that the foundry specialist's monthly revenue increased by 6.2% from May. That's a big deal, as TSMC's June revenue has declined sequentially from May in each of the past four years, as noted by research and analysis provider SemiAnalysis (via CNBC).
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This solid growth has helped TSMC exceed the high end of its Q2 revenue guidance of $40.2 billion, according to SemiAnalysis. That would translate into a year-over-year increase of almost 34%. Additionally, TSMC's leading-edge 3-nanometer (nm) process node is sold out, driven by incredible demand from key customers such as Nvidia, Apple, AMD, and others.
Not surprisingly, TSMC is reported to have increased the prices of its advanced nodes by 5% to 10%, according to Tom's Hardware. The 3nm node produces a quarter of TSMC's revenue, and the reported price hike should boost the company's margins. TSMC's operating margin was 49.6% in the second quarter of 2025. It guided to a 57.5% operating margin for the second quarter, but the actual number could be much higher when it reports on July 16.
As a result, TSMC's earnings-per-share growth could exceed the 55% year-over-year increase that analysts are anticipating in Q2. Also, its guidance could be stronger than expected, primarily due to the production ramp of the 2nm N2 production node. TSMC started volume production of the N2 node in Q4 2025 and is looking to add capacity to support solid demand for this node.
TSMC has reportedly priced this process node at a 10% to 20% premium over the 3nm node, indicating that further margin improvements could be in the cards. This explains why analysts are expecting stronger long-term earnings growth from TSMC.
Data by YCharts
Buy the stock while it trades at a reasonable valuation TSMC trades at 28 times forward earnings, only a slight premium to the tech-focused Nasdaq-100 index's forward earnings multiple of 25.6. It could trade at a bigger premium if its earnings per share and guidance indeed crush consensus estimates this week.
Moreover, TSMC's earnings could exceed the 50% jump that analysts are forecasting in 2026, driven by price hikes and the addition of the higher-priced N2 node. So, it makes sense to buy this stock ahead of its Q2 report, as it is highly likely that its impressive rally is about to get a nice shot in the arm.
Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Apple, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
