Taiwan Semiconductor Manufacturing Co. · ADR (1 ADR = 5 shares) · Hsinchu, Taiwan

Every leading AI chip goes through one company's fabs.

TSMC makes the chips that NVIDIA, Apple, AMD, Broadcom and Marvell design. Revenue in US dollars grew 34% to $40.2B last quarter at a record 67.7% gross margin, and September sales put Q3 at about NT$1.49 trillion, above guidance. The costs are rising too: 2026 capex was raised to $60–64B, and the 2nm ramp and overseas fabs will dilute margins.

Last close · Oct 9, 2026

$453.31

Market cap

$2.35T

at current price

52-week range

$267–487

closing low / high

P/E (forward)

~21×

consensus next-year EPS · trailing ~33×

Revenue TTM

Q3 2026 guide

$44.6–45.8B

GM 65–67% · Sep sales imply ~$46.7B

Next earnings

Oct 15

Q3 2026 results and Q4 guidance

Price, last 12 months

Daily closes of the NYSE-listed ADR with the 50-day average. Each ADR represents five Taiwan-listed shares.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

1.24

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions as reported by TSMC, with gross margin on the right axis. EPS is per ADR, converted from NT$ at each quarter's rate. The last bar is the Q3 2026 revenue implied by TSMC's July–September monthly sales.

RevenueGross margin (right axis)Guidance

Q2 2026

$40.2B

+34% YoY in US$ · top of guide

Gross margin

67.7%

record · Q3 guide 65–67%

HPC share

66%

of revenue · +20% QoQ

3nm + 5nm

63%

of wafer revenue · 7nm and below 77%

Q3 sales (monthly)

NT$1.49T

+51% YoY · above guide

2026 capex

$60–64B

raised from $52–56B

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

AI demand outruns supply

CEO C.C. Wei called the demand-supply gap very big. Full-year US$ revenue growth was raised to slightly above 40%, and Q3 monthly sales already beat the top of guidance.

Tailwind

Pricing power

Gross margin rose from 58.6% to 67.7% in a year even while overseas fabs were ramping, on cost improvement and high utilization.

Watch

2nm and overseas dilution

The 2nm ramp is expected to cut gross margin by 3–4 points in the second half of 2026, and overseas fabs by 2–3 points at first, widening to 3–4 points later.

Watch

Capex keeps rising

Capex was raised to $60–64B for 2026, and management said the next three years will be significantly higher than the last three. Q2 capex alone was $15.7B.

Risk

Currency

TSMC reports in NT dollars, and the ADR trades in US dollars. Each 1% move in the NT$ shifts gross margin by about 0.4 points.

Risk

Geopolitics and tariffs

Most leading-edge capacity is in Taiwan. Cross-strait tension and US chip tariffs are risks that no amount of earnings growth removes.

Calendar

Oct 15, 2026

Q3 2026 earnings

Guide: $44.6–45.8B revenue, 65–67% gross margin, 56–58% operating margin. Monthly sales point to about $46.7B.

Nov 10, 2026

October sales

TSMC publishes monthly revenue around the 10th of each month.

Mid-Jan 2027

Q4 2026 earnings

Full-year results and the 2027 capex budget.