TSM changes
Pick any two versions below to diff them.
- Price
- $420.88 → $450.61(+7.1%)
- Discount category
- Well below intrinsic value → Below intrinsic value
- Next earnings
- Oct 16, 2026 → Oct 15, 2026
- Next earnings is estimate
- Yes → No
- Thesis
- added: The market still prices TSMC removed: keeps raising its own revenue and spending targets, because AI chip demand keeps coming in stronger than added: like a plain contract manufacturer, not like the company removed: expected. Management added: that makes almost every advanced AI chip. This differs from how it prices Nvidia or Broadcom, even as TSMC's own pricing power keeps growing. TSMC already raised removed: the 2026 removed: capital spending budget added: wafer prices, and added: reports point to a further price rise in 2027 for advanced nodes. For the removed: full-year added: gap to close, TSMC must keep turning its bigger capital budget into revenue removed: growth target more than once added: at this removed: year. TSMC added: year's pace. Its costly new fabs in Arizona and Japan must also removed: raised its own wafer prices for 2026, added: ramp up without further disruption. Investors want proof that demand outside AI, in phones and removed: its most advanced chip capacity added: PCs, holds steady while this buildout continues. A separate, harder problem is removed: already booked out into 2027. added: the discount tied to Taiwan-China tension. This added: piece is removed: a sign of real pricing power, not just rising volume. added: unlikely to close soon, since it depends on politics outside TSMC's control. The removed: stock trades at a lower added: next data point is TSMC's Q3 2026 earnings removed: multiple than other semiconductor companies, even though TSMC now holds about 73% of the pure-foundry market and makes the chips that nearly all AI chip designers depend on. added: call on October 15, 2026. If AI removed: chip demand removed: stays strong, and removed: TSMC's spending keeps turning into more revenue, added: pricing keep beating expectations over the removed: discount added: next two to four quarters, the execution part of the gap can removed: close. added: close, even if the geopolitical discount lasts for years.
- Recent events
- added: Sep 15, 2026: Reports said TSMC plans to raise wafer prices again in 2027, by as much as 10% for its most advanced processes, to help cover the cost of its new US fabs. Sep 10, 2026: TSMC reported August 2026 revenue of about NT$514.8 billion, up 53% from a year earlier and up 10% from July. Year-to-date revenue through August was up more than 39% from a year earlier. Jul 16, 2026: TSMC reported Q2 2026 results. Revenue grew 36% from last year, to $40.2 billion. Jul 16, 2026: Management raised the full-year 2026 revenue growth target to more than 40%, and raised the 2026 capital spending budget to $60-64 billion. Jul 16, 2026: TSMC announced another $100 billion investment in Arizona, raising its total US commitment to $265 billion and its planned Arizona fab count to as many as ten.