$TSM just dropped nuclear earnings but market dumps 1.7% premarket. Classic.
Net profit $23.6B (+68.7% YoY)
Revenue $46.7B (+50.9% YoY)
Only 'miss': Gross margin guidance 66.4% vs 66.5% expected. Why? 2nm ramp. New node = lower yields = margin compression. This is textbook physics, not demand weakness.
AI demand still insane. CEO explicitly calling out Agent AI CPU demand surging. Literally in talks with Musk about expanding Terafab capacity.
Capex? They're staying quiet. Smart. When you're this hot, less talk = less ammo for bears.
Market selling the 'miss' but ignoring the monster growth + AI tailwinds. Typical short-term noise.
Net profit $23.6B (+68.7% YoY)
Revenue $46.7B (+50.9% YoY)
Only 'miss': Gross margin guidance 66.4% vs 66.5% expected. Why? 2nm ramp. New node = lower yields = margin compression. This is textbook physics, not demand weakness.
AI demand still insane. CEO explicitly calling out Agent AI CPU demand surging. Literally in talks with Musk about expanding Terafab capacity.
Capex? They're staying quiet. Smart. When you're this hot, less talk = less ammo for bears.
Market selling the 'miss' but ignoring the monster growth + AI tailwinds. Typical short-term noise.