Taiwan Semiconductor Manufacturing (TSM) - Rapport boursier

Second-quarter 2026 revenue reached NT$1,270.38 billion, up 36.0% year over year and 12.0% sequentially. Advanced technologies represented 77% of wafer revenue, including 3% from 2-nanometer, while gross margin reached 67.7% and operating margin 60.3%. Cash from operations of NT$783.36 billion less NT$496.00 billion of capital expenditures left an OCF-less-capex proxy of NT$287.36 billion; NT$155.59 billion of dividends was a separate cash use.

The key macro issue is the durability of AI-infrastructure spending relative to TSMC's rapid 2-nanometer and advanced-packaging buildout. Continued accelerator and high-performance-computing demand can keep new fabs well loaded; a pause in customer orders would expose the same fixed-cost base before depreciation and overseas-fab costs have been fully absorbed. Lower utilization would then pressure margins and cash after capex, weakening support for a market price already above the selected fair value. Geopolitical concentration in Taiwan remains a separate risk because even strong demand cannot offset a material interruption to production or shipment.

TSMC manufactures customer-designed semiconductors rather than competing with those customers through its own chip products. Wafer fabrication accounted for approximately 86% of 2025 net revenue; packaging, testing, mask making, and design services extend the manufacturing relationship. The model can produce substantial operating leverage when advanced fabs are highly utilized, but its fixed-cost structure works in reverse when loading weakens.

High Performance Computing grew 48% year over year in 2025 and became the lead growth platform alongside Smartphones. TSMC supported those platforms with more than 17 million 12-inch-equivalent wafers of annual capacity in 2025 and is adding 2-nanometer, 3-nanometer, and advanced-packaging capacity. FY2025 capex was disclosed as NT$1.272 trillion, while 2026 guidance is US$52.0–56.0 billion; because the disclosures use different currencies, they should not be read as a direct like-for-like comparison without exchange-rate alignment.

The operating system depends on specialized equipment from a limited supplier base and uninterrupted electricity and water, particularly in Taiwan's science parks. Expansion in the United States, Japan, and Germany diversifies customer access and production geography, but adds ramp, labor, and cost complexity. The US$6.6 billion direct-funding agreement under the U.S. CHIPS Act supports the Arizona projects; public support reduces part of the funding burden but does not establish that overseas fabs will match Taiwan's mature yield and margin economics.