Overview

• TSMC reported NT$658.9 billion in July–August sales, already more than 70% of its NT$939.6 billion third-quarter revenue guidance pace.
• Bernstein on Sept. 10 reiterated an Outperform rating with a NT$1,444 price target, projecting third-quarter revenue above the company’s guidance on AI strength.
• Analysts now model about 33% revenue growth in 2025, topping TSMC’s 30% forecast, supported by sustained AI demand and improving non-AI segments.
• Bernstein expects 5%–10% price increases on 5-nanometer and more advanced nodes beginning in Q1 2026 to offset foreign-exchange and overseas cost pressures.
• Tariff uncertainty has pulled some orders forward into July and August, while TSMC’s Arizona expansion pledge has secured an exemption from a proposed 100% U.S. semiconductor import tariff.