Reference market
Closed- Regular hours
- CLOSED – CLOSED EST
- Next holiday
- Nov 26, 2026 · Thanksgiving Day
Equity
Taiwan Semiconductor Mfg. (TSM) perpetual futures
TSM perpetual futures on 26 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade TSMUSDT.
TSMC manufactures, packages, tests, and distributes integrated circuits and semiconductor components globally, serving high-performance computing, smartphones, IoT, automotive, and consumer electronics.
$390.75-0.6%NYSE closed
Price chart
–
Use the left and right arrow keys to inspect points on the chart.
venue perp mark · Bitget (TSM/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
26/26 live markets
Trading data
Perpetual market activity
Venues
26
Live markets
26/26
24h volume
$18.5MCoverage: 22/26 marketsExchange-reported volume: $23.5M
Open interest
$40.2MCoverage: 23/26 markets
Best liquidity
$3.6M
Gate.io
Tightest spread
+0.5 bps
BloFin
Highest volume
$6.5M
Bitget
Settlement mix
USDT · 16/26
Perp/spot vol.
0.00x
Spot volume $4.2B
OI / float
0.00%
Float $2T
Spot performance
1D-1.67%
5D+4.24%
1M-5.57%
6M-1.39%
YTD+31.21%
1Y+41.39%
Venue matrix
26 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Bitget | Trade | TSM/USDT | Trading | $391.15 | 0.0% APR 0.000% every 8h | +1.0 bps | $1.7M | $6.5M | $4M | USDT | 20x | |
 Binance | Trade | TSM/USDT | Trading | $390.87 | 0.0% APR 0.000% every 8h | +0.8 bps | - | $5.3M | $15.4M | USDT | - | |
 MEXC | Trade | TSM/USDT | Trading | $390.88 | 0.0% APR 0.000% every 8h | +1.0 bps | $278.6K | $2.1M | $1.2M | USDT | 50x | |
 Hyperliquid HIP-3 | Trade | xyz:TSM | Trading | $390.64 | -55.1% APR -0.00629% every 1h | +4.1 bps | - | $1.4M | $8.4M | USDC | 10x | |
 Gate.io | Trade | TSM/USDT | Trading | $390.75 | 0.0% APR 0.000% every 8h | +7.2 bps | $3.6M | $795.8K | $1.3M | USDT | 100x | |
 OKX | Trade | TSM/USDT | Trading | $390.96 | 0.0% APR 0.000% every 8h | +1.3 bps | $218.3K | $665.4K | $4.2M | USDT | 20x | |
 Bybit | Trade | TSM/USDT | Trading | $390.99 | 0.0% APR 0.000% every 8h | +4.3 bps | $243.8K | $462.2K | $2.2M | USDT | 50x | |
 Phemex | Trade | TSM / USDT | Trading | $390.91 | 0.0% APR 0.000% every 8h | +2.6 bps | - | $356.4K | $1.5M | USDT | 10x | |
 GRVT | Trade | TSM/USDT | Trading | $390.92 | 0.0% APR 0.000% every 8h | +4.6 bps | $71.7K | $322.7K | $9.6K | USDT | - | |
 Bitunix | Trade | TSM/USDT | Trading | $390.92 | +1.9% APR +0.00177% every 8h | +3.1 bps | $347.5K | $195.2K | $103.3K | USDT | 50x | |
 XT.com | Trade | TSM/USDT | Trading | $391.07 | 0.0% APR 0.000% every 8h | +0.8 bps | $247.8K | $126.3K | - | USDT | 20x | |
 BloFin | Trade | TSM/USDT | Trading | $390.87 | -2.8% APR -0.00260% every 8h | +0.5 bps | - | $101.4K | $335.6K | USDT | 20x | |
 Variational | Trade | TSM/USDC | Trading | $390.94 | 0.0% APR 0.000% every 8h | +4.4 bps | no public depth feed | $72.4K | $449.5K | USDC | - | |
 Orderly Network | Trade | TSM/USDC | Trading | $390.66 | +11.0% APR +0.010% every 8h | - | no public depth feed | $38K | $8.7K | USDC | - | |
 Ondo Perps | Trade | TSM/USD | Trading | $390.60 | - | +14.1 bps | $262.3K | $32.8K | $260.2K | USDC | 10x | |
 HTX | Trade | TSM/USDT | Trading | $391.09 | 0.0% APR 0.000% every 8h | +10.2 bps | $158.6K | $17.3K | $27K | USDT | - | |
 Deribit | Trade | TSM/USDC | Trading | $390.57 | -19.8% APR -0.018% every 8h | +3.1 bps | $371.5K | $12.7K | $164.8K | USDC | 10x | |
 Aster | Trade | TSMUSDT | Trading | $390.52 | 0.0% APR 0.000% every 8h | +81.0 bps | $26K | $9.9K | $453.9K | USDT | - | |
 Crypto.com Exchange | Trade | TSM/USD | Trading | $390.10 | +5.0% APR +0.00057% every 1h | +79.6 bps | $14.7K | $817 | $34.9K | USD | 50x | |
 Extended | Trade | TSM/USD | Trading | $390.61 | 0.0% APR 0.000% every 1h | +3.1 bps | - | $517.9 | $18.8K | USD | 10x | |
 Helix (Injective) | Trade | TSM/USDC | Trading | $394.58 | +24.1% APR +0.00275% every 1h | - | $0 | $85.7 | - | USDC | 12x | |
 Aevo | Trade | TSM/USDC | Trading | $390.62 | +11.4% APR +0.00130% every 1h | +15.1 bps | $221.4K | $0 | $14.3K | USDC | 10x | |
 Vest | Trade | TSM/USDC | Trading | $395.12 | +5.0% APR +0.00057% every 1h | +300.7 bps | $0 | - | - | USDC | 25x | |
 Deepcoin | Trade | TSM/USDT | Trading | $390.84 | - | +0.8 bps | - | $2.4M⚠ | $39.1 | USDT | 20x | |
 BingX | Trade | TSM-USDT | Trading | $390.90 | +5.5% APR +0.00500% every 8h | +2.3 bps | $1.9M | $1.7M⚠ | $3.6K | USDT | - | |
 KuCoin | Trade | TSM/USDT | Trading | $390.71 | 0.0% APR 0.000% every 8h | +9.5 bps | $14K | $904.3K⚠ | $155.1K | USDT | 20x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| TSMBbStocks | $390.23 | -0.13% | $1.7M | $9.4M | BNB Smart Chain (BEP20) |
| TSMonOndo GM | $395.36 | +1.18% | $1.3M | $6.4M | Ethereum · BNB Smart Chain (BEP20) · Solana · HyperEVM |
| TSMRobinhood | $391.66 | -0.04% | $174k | $1.3M | Robinhood Chain |
| rTSMTokenized | $391.94 | +0.31% | $136k | $2.9M | Arbitrum |
| TSMXxStocks | $391.73 | +0.25% | $112k | $5.5M | Ethereum · X Layer |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | TSM/SPY ↗ | $391.66 | $174k | $341k |
 pancakeswapDEX · bsc | TSMB/USDT ↗ | $392.75 | $6k | $127k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 16 of 26 venues absorb $10k · Typical cost: +8.8 bps – +16.9 bps
Too thin: Crypto.com Exchange, KuCoin
No fresh book data: Binance, Hyperliquid HIP-3, BloFin, Variational, Orderly Network, Extended, Helix (Injective), Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
TSMTightest spread
TSMHighest volume
TSMFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-01-21
Revenue est. $52.7B · Updated 3h ago
Dividend
$1.37
2027-03-11
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
New York Stock Exchange
Extended-hours reference
Bid393.87
Ask395.56
Volume10,744,718
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202616.56$166.3B+44%10
FY 202722.29$230.5B+39%11
FY 202828.38$290.6B+26%5
FY 202928.85$350.6B+21%4
Q1 20274.96$51.3B+49%7
Q2 20275.32$55.1B+43%2
Source: FMP · Consensus
Company events
62027-03-11Dividend$1.366-
2027-01-21EarningsActual - / Estimate 5.17-
2026-12-10Dividend$1.085-
2026-10-15Earnings · Before market openActual 4.60 / Estimate 4.45Beat
2026-09-16Dividend$1.096-
2026-07-16EarningsActual 4.22 / Estimate 3.81Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualWafer [member]Product$3.3T
Other Products [member]Product$536.5B
UNITED STATESGeographic$2.8T
CHINAGeographic$327.5B
JAPANGeographic$150.4B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $582.38 |
| 12-month target range (low – high) | $500 – $700 |
| Ratings in the provider's consensus | 25 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 6 | 15 | 1 | 0 | 0 |
| Oct 2026 | 6 | 14 | 1 | 0 | 0 |
| Sep 2026 | 6 | 14 | 1 | 0 | 0 |
| Aug 2026 | 6 | 12 | 1 | 0 | 0 |
| Jul 2026 | 6 | 12 | 2 | 0 | 0 |
| Jun 2026 | 5 | 12 | 2 | 0 | 0 |
| May 2026 | 5 | 12 | 2 | 0 | 0 |
| Apr 2026 | 6 | 12 | 2 | 0 | 0 |
| Mar 2026 | 6 | 12 | 1 | 0 | 0 |
| Feb 2026 | 6 | 12 | 1 | 0 | 0 |
| Jan 2026 | 6 | 11 | 2 | 0 | 0 |
| Dec 2025 | 5 | 10 | 2 | 0 | 0 |
Ownership
Institutional · 2026-Q3Free float99.9%5.2B shares
Shares outstanding5.2B shares
Institutional10.5%3,169 investors
Investor count change-611
Reference market activity
TSM-PERPDay range (Nov 13)$391.5$408.09
52 week$266.82$487.47
Spot volume10.7M
Average volume-
Price performance
111D-1.7%
5D+4.2%
1M-5.6%
3M-6.5%
6M-1.4%
YTD+31.2%
1Y+41.4%
3Y+303.6%
5Y+237.6%
10Y+1,265.5%
MAX+7,162.8%
Insider activity
FY2026 Q4Acquisitions32 transactions2,530 shares
Dispositions0 transactions0 shares
Purchases32Ratio 0
Sales0
Insider transactions
25DateReporting persontransactionssharesPriceFilings
TSMC officer Wu Shien-Yang reported an open-market purchase of 59 common shares at $70.50 on 2026-11-06, leaving 60 shares owned.
TSMC officer Yoo Chue-San reported an open-market purchase of 54 common shares at $70.50 on 2026-11-06, raising direct holdings to 6,798 shares.
Taiwan Semiconductor officer Yeap Choh Fei reported an open-market purchase of 57 common shares at $70.50 on 2026-11-06, leaving 110 shares owned.
TSMC officer Zhang Kevin Xiaoqiang (SVP and Deputy Co-COO) disclosed an open-market purchase of 65 common shares at $70.50 on 2026-11-06, leaving 7,471 shares owned.
TSMC VP Wu Yi-Huang reported an open-market purchase of 41 common shares at $70.50 per share on Nov 6, 2026, bringing his holding to 240 shares.
TSMC VP Yuan Lipen bought 43 common shares on the open market at $70.50 on Nov 6, 2026, holding 1,384 shares after.
TSMC VP Tien Bor-Zen reported two open-market purchases (Form 4) on 2026-11-06, buying 49 common shares in total at $70.50 each.
TSMC VP and CIO Lin Chris Horng-Dar reported an open-market purchase of 50 common shares (2330.TW) at $70.50 on Nov 6, 2026, leaving 95 shares owned.
Taiwan Semiconductor officer Hwang Yuan-Ko reported an open-market purchase of 41 common shares at $70.5 each on 2026-11-06, leaving 379 shares held.
TSMC director and CEO Wei Che-Chia bought 155 common shares on the open market at $70.50 on Nov 6, 2026, bringing his holding to 18,435 shares.
TSMC VP Jang Syun-Ming reported an open-market purchase of 51 common shares at $70.50 on 2026-11-06, leaving 6,039 shares owned.
TSMC officer Ku Yao-Ching reported an open-market purchase (P) of 48 common shares at $70.50 on 2026-11-06, raising his holding to 282 shares. Form 4 filed 2026-11-10.
TSMC VP Lu Chin-Sheng reported an open-market purchase of 40 common shares at $70.50 on 2026-11-06, leaving 227 shares owned.
TSMC officer Wang Ying-Lang bought 56 common shares (2330.TW) on the open market at $70.50 per share on Nov 6, 2026, leaving 58 shares owned.
TSMC VP Lin Shyue-Shyh reported an open-market purchase (Code P) of 47 common shares at $70.50 on Nov 6, 2026, raising his holding to 431 shares.
TSMC officer Lu Lee-Chung reported an open-market purchase of 53 common shares at $70.50 on Nov 6, 2026, leaving 6,587 shares directly owned.
TSMC officer Lee Chun-Hsien reported an open-market purchase of 54 common shares at $70.50 on Nov 6, 2026, leaving 6,146 shares owned.
TSMC officer Mii Yuh-Jier (EVP and Co-COO) reported an open-market purchase of 73 common shares at $70.50 on Nov 6, 2026, leaving 8,311 shares held.
Taiwan Semiconductor CFO Huang Jen-Chau reported an open-market purchase (P) of 30 common shares at $70.50 on Nov 6, 2026, leaving 3,641 shares owned.
TSMC officer Chuang Tzu-Sou bought 48 common shares at $70.50 on Nov 6, 2026, bringing holdings to 95 shares.
TSMC VP Hsu Kuo-Chin bought 56 common shares on the open market at $70.50 on 2026-11-06, ending with 6,837 shares owned.
TSMC officer Fang Shu-Hua reported an open-market purchase of 58 common shares at $70.50 on Nov 6, 2026, holding 6,819 shares after.
TSMC officer Hou Yung-Chin reported an open-market purchase of 64 common shares at $70.50 on 2026-11-06, leaving 124 shares held directly after the transaction.
TSMC officer He Jun reported an open-market purchase of 47 common shares at $70.50 on Nov 6, 2026, leaving 92 shares owned.
Filings
100 · Latest SEC filings2026-11-104Insider transaction report (Form 4)
TSMC VP Tien Bor-Zen reported two open-market purchases (Form 4) on 2026-11-06, buying 49 common shares in total at $70.50 each.
2026-11-104Insider transaction report (Form 4)
TSMC VP and CIO Lin Chris Horng-Dar reported an open-market purchase of 50 common shares (2330.TW) at $70.50 on Nov 6, 2026, leaving 95 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC officer Lu Lee-Chung reported an open-market purchase of 53 common shares at $70.50 on Nov 6, 2026, leaving 6,587 shares directly owned.
2026-11-104Insider transaction report (Form 4)
Taiwan Semiconductor CFO Huang Jen-Chau reported an open-market purchase (P) of 30 common shares at $70.50 on Nov 6, 2026, leaving 3,641 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC VP Chuang Juiping bought 50 common shares on the open market at $70.50 per share on 2026-11-06, leaving 98 shares directly owned.
2026-11-104Insider transaction report (Form 4)
TSMC VP Chen Pei-Hung reported an open-market purchase of 48 common shares at $70.50, holding 1,486 shares afterward.
2026-11-104Insider transaction report (Form 4)
TSMC officer Yoo Chue-San reported an open-market purchase of 54 common shares at $70.50 on 2026-11-06, raising direct holdings to 6,798 shares.
2026-11-104Insider transaction report (Form 4)
Taiwan Semiconductor officer Hwang Yuan-Ko reported an open-market purchase of 41 common shares at $70.5 each on 2026-11-06, leaving 379 shares held.
2026-11-104Insider transaction report (Form 4)
TSMC officer Ku Yao-Ching reported an open-market purchase (P) of 48 common shares at $70.50 on 2026-11-06, raising his holding to 282 shares. Form 4 filed 2026-11-10.
2026-11-104Insider transaction report (Form 4)
TSMC officer Lee Chun-Hsien reported an open-market purchase of 54 common shares at $70.50 on Nov 6, 2026, leaving 6,146 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC officer Chen Chih-Ho (Controller) reported an open-market purchase of 33 common shares at $70.50 on 2026-11-06, leaving 266 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC officer Hou Yung-Chin reported an open-market purchase of 64 common shares at $70.50 on 2026-11-06, leaving 124 shares held directly after the transaction.
2026-11-104Insider transaction report (Form 4)
TSMC officer Chang Tzonz-Sheng reported an open-market purchase of 55 common shares at $70.50, leaving 107 shares owned.
2026-11-104Insider transaction report (Form 4)
Taiwan Semiconductor officer Yeap Choh Fei reported an open-market purchase of 57 common shares at $70.50 on 2026-11-06, leaving 110 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC officer Zhang Kevin Xiaoqiang (SVP and Deputy Co-COO) disclosed an open-market purchase of 65 common shares at $70.50 on 2026-11-06, leaving 7,471 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC VP Wu Yi-Huang reported an open-market purchase of 41 common shares at $70.50 per share on Nov 6, 2026, bringing his holding to 240 shares.
2026-11-104Insider transaction report (Form 4)
TSMC VP Yuan Lipen bought 43 common shares on the open market at $70.50 on Nov 6, 2026, holding 1,384 shares after.
2026-11-104Insider transaction report (Form 4)
TSMC director and CEO Wei Che-Chia bought 155 common shares on the open market at $70.50 on Nov 6, 2026, bringing his holding to 18,435 shares.
2026-11-104Insider transaction report (Form 4)
TSMC VP Jang Syun-Ming reported an open-market purchase of 51 common shares at $70.50 on 2026-11-06, leaving 6,039 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC VP Lu Chin-Sheng reported an open-market purchase of 40 common shares at $70.50 on 2026-11-06, leaving 227 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC officer Wang Ying-Lang bought 56 common shares (2330.TW) on the open market at $70.50 per share on Nov 6, 2026, leaving 58 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC VP Lin Shyue-Shyh reported an open-market purchase (Code P) of 47 common shares at $70.50 on Nov 6, 2026, raising his holding to 431 shares.
2026-11-104Insider transaction report (Form 4)
TSMC officer Mii Yuh-Jier (EVP and Co-COO) reported an open-market purchase of 73 common shares at $70.50 on Nov 6, 2026, leaving 8,311 shares held.
2026-11-104Insider transaction report (Form 4)
TSMC officer Chuang Tzu-Sou bought 48 common shares at $70.50 on Nov 6, 2026, bringing holdings to 95 shares.
2026-11-104Insider transaction report (Form 4)
TSMC VP Hsu Kuo-Chin bought 56 common shares on the open market at $70.50 on 2026-11-06, ending with 6,837 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC officer Fang Shu-Hua reported an open-market purchase of 58 common shares at $70.50 on Nov 6, 2026, holding 6,819 shares after.
2026-11-104Insider transaction report (Form 4)
TSMC officer He Jun reported an open-market purchase of 47 common shares at $70.50 on Nov 6, 2026, leaving 92 shares owned.
2026-11-104Insider transaction report (Form 4)
TSMC officer Wu Shien-Yang reported an open-market purchase of 59 common shares at $70.50 on 2026-11-06, leaving 60 shares owned.
2026-11-094Insider transaction report (Form 4)
Director Michael R. Splinter bought 840 TSM American Depositary Shares on the open market at $357 each on Nov 5, 2026, leaving 8,405 ADS held.
2026-11-034Insider transaction report (Form 4)
TSMC VP Yuan Lipen reported an open-market purchase (P) of 1,000 common shares at $71.49 on 2026-11-01, leaving 8,000 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC VP Chen Pei-Hung bought 43 common shares (2330.TW) on the open market at $79.39 on 2026-10-07, holding 1,438 shares afterward.
2026-10-084Insider transaction report (Form 4)
Taiwan Semiconductor officer Lu Lee-Chung reported an open-market purchase of 49 common shares at $79.39 on 2026-10-07, leaving 6,534 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Kevin Xiaoqiang Zhang reported an open-market purchase of 59 common shares at $79.39 on Oct 7, 2026, leaving 7,406 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Wu Shien-Yang bought 53 common shares at $79.39 per share, leaving him with 6,915 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Wang Ying-Lang reported an open-market purchase of 52 common shares at $79.39 on 2026-10-07, leaving 6,551 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Mii Yuh-Jier bought 68 common shares (2330.TW) on the open market at $79.39 on 2026-10-07, leaving 8,238 shares directly owned. Form 4 filed 2026-10-08.
2026-10-084Insider transaction report (Form 4)
TSMC officer Lin Chris Horng-Dar reported an open-market purchase of 44 common shares at $79.39 on 2026-10-07, leaving 45 shares owned.
2026-10-084Insider transaction report (Form 4)
Taiwan Semiconductor officer Lee Chun-Hsien (SVP) bought 51 common shares at $79.39 on Oct 7, 2026, holding 6,092 shares after.
2026-10-084Insider transaction report (Form 4)
TSMC officer Chuang Tzu-Sou reported an open-market purchase (P) of 46 Common Shares (2330.TW) on 2026-10-07 at $79.39 per share, bringing holdings to 47 shares.
2026-10-084Insider transaction report (Form 4)
TSMC officer Chuang Juiping reported an open-market purchase of 46 common shares at $79.39, bringing holdings to 48 shares.
2026-10-084Insider transaction report (Form 4)
TSMC officer Yuan Lipen bought 40 common shares at $79.39 on Oct 7, 2026, leaving 1,341 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Yoo Chue-San (VP) reported an open-market purchase of 50 common shares at $79.39 on 2026-10-07, bringing holdings to 6,744 shares.
2026-10-084Insider transaction report (Form 4)
TSMC officer Jang Syun-Ming (VP) reported an open-market purchase of 46 common shares at $79.39 on 2026-10-07, leaving 5,988 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Hou Yung-Chin (SVP and Deputy Co-COO) reported an open-market purchase of 60 common shares at $79.39 on 2026-10-07, bringing ownership to 60 shares.
2026-10-084Insider transaction report (Form 4)
TSMC officer He Jun reported an open-market purchase of 43 common shares at $79.39 on Oct 7, 2026, raising his holding to 45 shares.
2026-10-084Insider transaction report (Form 4)
TSMC officer Yeap Choh Fei bought 52 common shares at $79.39 in an open-market purchase on 2026-10-07, holding 53 shares afterward.
2026-10-084Insider transaction report (Form 4)
TSMC director and CEO Wei Che-Chia bought 144 common shares (2330.TW) on the open market at $79.39 per share on 2026-10-07, leaving 18,280 shares owned after. Form 4 filed 2026-10-08.
2026-10-084Insider transaction report (Form 4)
TSMC officer Wu Yi-Huang reported an open-market purchase of 39 common shares at $79.39, leaving 199 shares held.
2026-10-084Insider transaction report (Form 4)
TSMC officer Cao Min reported an open-market purchase of 51 common shares at $79.39 on 2026-10-07, leaving 6,824 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Tien Bor-Zen reported acquiring 47 common shares across 2 open-market purchases at $79.39 per share, per a Form 4 filed 2026-10-08.
2026-10-084Insider transaction report (Form 4)
TSMC officer Hsu Kuo-Chin (VP) reported an open-market purchase of 52 common shares at $79.39 on 2026-10-07, leaving 6,781 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Chang Tzonz-Sheng reported an open-market purchase of 51 common shares at $79.39, leaving 52 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Fang Shu-Hua reported an open-market purchase of 53 common shares at $79.39 on 2026-10-07, bringing her holdings to 6,761 shares.
2026-10-084Insider transaction report (Form 4)
TSMC officer Lu Chin-Sheng reported an open-market purchase of 36 common shares at $79.39 on Oct 7, 2026, raising his holding to 187 shares.
2026-10-084Insider transaction report (Form 4)
TSMC officer Lin Shyue-Shyh (VP) reported an open-market purchase of 44 common shares at $79.39 on 2026-10-07, leaving 384 shares owned.
2026-10-084Insider transaction report (Form 4)
TSMC officer Ku Yao-Ching reported one open-market purchase of 46 common shares at $79.39 on 2026-10-07, bringing holdings to 234 shares.
2026-10-084Insider transaction report (Form 4)
TSMC VP Hwang Yuan-Ko reported an open-market purchase of 39 common shares at $79.39 each on 2026-10-07, leaving 338 shares owned after the buy.
2026-10-084Insider transaction report (Form 4)
TSMC officer Huang Jen-Chau bought 28 common shares at $79.39 on Oct 7, 2026, bringing holdings to 3,611 shares.
2026-10-084Insider transaction report (Form 4)
TSMC officer Chin Yung-Pei reported an open-market purchase of 67 common shares at $79.39 on Oct 7, 2026, leaving 8,573 shares owned.
2026-09-094Insider transaction report (Form 4)
TSMC officer Chang Tzonz-Sheng bought 53 common shares on the open market at $76.20 on Sep 7, 2026, holding 5,481 shares after.
2026-09-094Insider transaction report (Form 4)
Vice President bought 41 common shares (2330.TW) on the open market at $76.20 each.
2026-09-094Insider transaction report (Form 4)
SVP Wu Shien-Yang purchased 57 TSM common shares at $76.20 each on 2026-09-07.
2026-09-094Insider transaction report (Form 4)
Officer Lee Chun-Hsien purchased 52 common shares of TSMC on September 7, 2026, at $76.20 per share, increasing holdings to 6,041 shares.
2026-09-094Insider transaction report (Form 4)
Huang Jen-Chau, SVP and CFO of Taiwan Semiconductor, purchased 30 common shares at $76.20 each on September 7, 2026.
2026-09-094Insider transaction report (Form 4)
Officer Hou Yung-Chin bought 61 common shares of TSMC at $76.20 on the open market, holding 7,521 shares after.
2026-09-094Insider transaction report (Form 4)
TSMC officer Chen Pei-Hung bought 46 common shares (2330.TW) at $76.20 on Sept 7, 2026, per a Form 4 filed Sept 9, bringing his holdings to 1,395 shares.
2026-09-094Insider transaction report (Form 4)
On September 7, 2026, VP Chue-San Yoo purchased 53 Taiwan Semiconductor common shares at $76.20 each, increasing his holdings to 6,694 shares.
2026-09-094Insider transaction report (Form 4)
EVP and Co-COO Mii Yuh-Jier purchased 71 common shares of TSMC at $76.20 each on September 7, 2026, now holding 8,170 shares.
2026-09-094Insider transaction report (Form 4)
Tien Bor-Zen, VP of Taiwan Semiconductor, bought 48 common shares on the open market at $76.20 each across two transactions on September 7, 2026.
2026-09-094Insider transaction report (Form 4)
Wu Yi-Huang, VP of TSMC, purchased 40 common shares on September 7, 2026, at $76.20 per share, in an open-market transaction.
2026-09-094Insider transaction report (Form 4)
Yeap Choh Fei, SVP of TSMC, purchased 54 common shares at $76.20 each on September 7, 2026.
2026-09-094Insider transaction report (Form 4)
Officer Zhang Kevin Xiaoqiang purchased 61 TSMC common shares on September 7, 2026 at $76.20 each.
2026-09-094Insider transaction report (Form 4)
Wang Ying-Lang, SVP of Taiwan Semiconductor, reported an open-market purchase of 54 common shares at $76.20 each on September 7, 2026, leaving 6,499 shares owned.
2026-09-094Insider transaction report (Form 4)
VP Lu Chin-Sheng acquired 38 common shares of TSMC through open-market purchases at $76.20 per share.
2026-09-094Insider transaction report (Form 4)
Lin Horng-Dar, VP and CIO of TSMC, purchased 47 common shares at $76.20 each on September 7, 2026, 47 shares total.
2026-09-094Insider transaction report (Form 4)
On September 7, 2026, VP Lin Shyue-Shyh purchased 44 common shares of TSMC at $76.20 each, increasing holdings to 340 shares.
2026-09-094Insider transaction report (Form 4)
TSMC officer Chuang Tzu-Sou bought 47 common shares on the open market at $76.20 per share on Sept 7, 2026, holding 5,853 shares after the purchase.
2026-09-094Insider transaction report (Form 4)
TSMC officer Chen Chih-Ho bought 32 common shares on the open market at $76.20 each on Sep 7, 2026, holding 202 shares after.
2026-09-094Insider transaction report (Form 4)
TSMC officer Cao Min reported an open-market purchase of 56 common shares at $76.20 on 2026-09-07, ending with 6,773 shares owned.
2026-09-094Insider transaction report (Form 4)
Wei Che-Chia, Chairman and CEO of Taiwan Semiconductor, purchased 149 common shares at $76.20 each on September 7, 2026.
2026-09-094Insider transaction report (Form 4)
Jang Syun-Ming, VP of TSMC, reported a purchase of 49 common shares at $76.20 each on September 7, 2026, increasing holdings to 5,942 shares.
2026-09-094Insider transaction report (Form 4)
Hwang Yuan-Ko filed a Form 4 after purchasing 40 common shares (2330.TW) at $76.20 each on September 7, 2026; he now holds 299 shares.
2026-09-094Insider transaction report (Form 4)
Officer Lu Lee-Chung bought 51 common shares (2330.TW) at $76.20 each in an open-market purchase.
2026-09-094Insider transaction report (Form 4)
Officer Hsu Kuo-Chin purchased 55 common shares at $76.20 each in an open-market transaction on September 7, 2026, leaving 6,729 shares owned.
2026-09-094Insider transaction report (Form 4)
He Jun, VP of TSMC, purchased 46 common shares at $76.20 each on September 7, 2026, as reported in a Form 4 filing.
2026-09-094Insider transaction report (Form 4)
TSMC officer Chin Yung-Pei bought 71 common shares at $76.20 on Sept 7, 2026, an open-market purchase, raising holdings to 8,506 shares.
2026-09-094Insider transaction report (Form 4)
Vice President Ku Yao-Ching bought 47 TSM common shares at $76.20 each in an open-market purchase, totaling $3,581.40, and now holds 188 shares.
2026-09-094Insider transaction report (Form 4)
VP Chuang Juiping purchased 50 common shares of TSMC at $76.20 each on September 7, 2026, leaving holdings at 4,292 shares.
2026-09-094Insider transaction report (Form 4)
Fang Shu-Hua (SVP & GC) reported an open-market purchase of 56 Taiwan Semiconductor common shares at $76.20 each on September 7, 2026.
Transcripts
Earnings callsFY2026 Q32026-10-15
Earnings calls
AI summary
positiveTSMC reported Q3 2026 revenue of $46.7 billion, up 16.2% sequentially in USD and above the high end of guidance, with gross margin of 66.4% (down 1.3 percentage points sequentially mainly due to 2nm ramp dilution), operating margin of 58.7%, EPS of TWD 29.43 and ROE of 45.5%. Advanced technologies (7nm and below) accounted for 79% of wafer revenue; HPC was 68% of revenue, smartphone 21%, IoT 4%, automotive 4% and DCE 1%. For Q4 2026, the company guides revenue of $52.3-54.3 billion (14% sequential increase, 58% year-over-year increase at the midpoint), gross margin of 65-67% and operating margin of 56.5-58.5%. Management reiterated full-year 2026 revenue growth of around 44% year-over-year in USD and a full-year 2026 capital budget of $60-64 billion. C.C. Wei said AI demand is extremely robust, with demand higher than supply, and that N2 family annual capacity is expected to more than double in 2027 while A14 risk production is on track for 2027 and volume production for 2028.
Key takeaways
- Q3 2026 revenue of $46.7 billion increased 16.2% sequentially in USD, above the high end of guidance, driven by strong demand for leading-edge process technologies.
- Gross margin fell 1.3 percentage points sequentially to 66.4%, primarily from 2nm ramp dilution; Q4 gross margin is guided to 65-67%.
- Management reiterated the full-year 2026 capital budget of $60-64 billion and said CapEx from 2026 to 2028 is expected to be significantly higher than the past three years.
- C.C. Wei said AI demand is extremely robust with demand still far above TSMC's capability to supply; the company is sending teams to check data center build-out and power supply progress in the U.S.
- TSMC is expanding at an unprecedented pace with nearly 20 fabs worldwide in progress, including 13 leading-edge and advanced packaging fabs in Taiwan over the next several years and another five to six fabs overseas.
Financial highlights
- Q3 2026 revenue rose 17.6% sequentially in NT and 16.2% sequentially in USD to $46.7 billion.
- Q3 2026 gross margin was 66.4%; operating margin was 58.7%; operating expenses were 7.8% of net revenue.
- Q3 2026 EPS was TWD 29.43 and ROE was 45.5%.
- By technology, 2nm contributed 8% of wafer revenue, 3nm 33%, 5nm 28% and 7nm 10%; advanced technologies (7nm and below) were 79% of wafer revenue.
Guidance
- Q4 2026 revenue expected between $52.3 billion and $54.3 billion, representing a 14% sequential increase or a 58% year-over-year increase at the midpoint.
- Q4 2026 gross margin expected between 65% and 67%; operating margin between 56.5% and 58.5%, based on an exchange rate assumption of one U.S. dollar to TWD 31.8.
- Full-year 2026 revenue growth now expected to be around 44% year-over-year in USD.
- Full-year 2026 capital budget reiterated at between $60 billion and $64 billion; CapEx from 2026 to 2028 expected to be significantly higher than the past three years.
Q&A themes
- AI demand outlook and capacity planning: management said demand is extremely robust and still exceeds supply, with a sophisticated planning process considering CSP CapEx, data center build-out, power supply, financial and component supply factors.
- Overseas expansion: TSMC is evaluating expansion beyond Arizona including Texas, and is in discussion with a customer regarding use of its fab capacity, with the principle that the fab has to be run by TSMC.
- Advanced packaging: TSMC said it is in real-world production of 5x reticle size with excellent yield, working on 9x and 14x reticle sizes, and that CoWoS remains the number one choice for customers.
- High NA EUV and node ramp: management said High NA will be used in 2030, that it must be the best technology with reasonable cost and maturity, and that A14 is expected to be a bigger node than N2.
Risks
- Gross margin dilution from the steep ramp of 2nm technology and from overseas fabs; overseas fab dilution expected to widen to 3-4% in the next few years.
- Consumer and price-sensitive end market segments are being challenged by rising component prices and macroeconomic uncertainties, leading to prudent business planning going into 2027.
- Tool supply is tight, and tool price, material and labor cost inflation is real, which may affect capital expenditure.
FY2026 Q22026-07-16
Earnings calls
AI summary
positiveTSMC delivered Q2 2026 revenue of $40.2 billion and raised full-year 2026 revenue guidance to slightly above 40% year-over-year growth. The company announced a significant $100 billion additional investment in Arizona to build multiple advanced fabs for 2 nm and below technologies plus advanced packaging capabilities. TSMC increased its full-year 2026 capital budget from the previous $52-56 billion guidance to $60-64 billion, with approximately 70-80% allocated to advanced process technologies. Q2 gross margin expanded to 67.7%, though management expects Q3 gross margin to moderate to 66% at midpoint due to 2 nm technology ramp dilution partially offset by strong leading-edge demand and cost improvements. HPC platforms now represent 66% of revenue, up 20% sequentially, driven by continued robust AI-related demand from cloud service providers and the emerging agentic AI market opportunity.
Key takeaways
- Q2 2026 revenue of $40.2 billion exceeded guidance; full-year revenue expected to grow slightly above 40% year-over-year in USD terms
- CapEx raised to $60-64 billion for full-year 2026 from previous $52-56 billion guidance, with additional $100 billion planned for Arizona fab expansion over multiple years
- HPC platforms now account for 66% of wafer revenue, up 20% quarter-over-quarter, reflecting strong AI accelerator and emerging agentic AI CPU demand
- Advanced technologies (7 nm and below) represented 77% of Q2 wafer revenue, with 2 nm contributing 3%, 3 nm at 30%, 5 nm at 33%, and 7 nm at 11%
- A14 technology development progressing on track with pre-production scheduled for 2027 and volume production in 2028, positioning it as a larger and longer-lasting node than N2
Financial highlights
- Q2 2026 gross margin increased 150 basis points sequentially to 67.7%, slightly above guidance
- Q3 2026 revenue expected between $44.6 billion and $45.8 billion, representing 12% sequential and 37% year-over-year growth at midpoint
- Q3 2026 gross margin expected between 65% and 67%, with operating margin guidance of 56% to 58%
- Cash and marketable securities totaled TWD 3.5 trillion ($110 billion) at end of Q2; generated TWD 783 billion in operating cash flow while spending TWD 496 billion on CapEx
Guidance
- Full-year 2026 revenue expected to grow slightly above 40% year-over-year in U.S. dollar terms
- Q3 2026 revenue guidance of $44.6 billion to $45.8 billion, with gross margin of 65-67% and operating margin of 56-58%
- 2 nm technology expected to dilute gross margin by approximately 3-4 percentage points in the second half of 2026 and beyond
- Overseas fab expansion expected to contribute 2-3% gross margin dilution in early stages, widening to 3-4% in latter stages as scale grows
Q&A themes
- Agentic AI driving CPU resurgence: The emergence of agentic AI is leading to increased CPU demand alongside AI accelerators, as no matter what CPU architecture (x86, Arm-based, or RISC-V) companies adopt, they are nearly all TSMC customers collaborating closely on capacity and technology support
- Capacity expansion philosophy and timeline: TSMC assesses demand through top-down and bottom-up approaches while collaborating with customers and customers' customers; capacity additions take five to seven years from development through volume ramp, requiring careful judgment to balance customer demand signals
- Advanced packaging competition and strategy: TSMC welcomes alternative packaging technologies like EMIB-T as they relieve packaging bottlenecks and enable more front-end wafer shipments; the company is developing glass substrate and glass core alternatives to lower costs while maintaining CoWoS as the majority platform
- Profitability and pricing philosophy: TSMC maintains a partnership approach with customers, earning value through technology leadership and manufacturing excellence without sudden price increases that would squeeze customer viability; management targets sustainable gross margins sufficient for long-term capacity expansion benefiting both TSMC and customers
Risks
- Consumer and price-sensitive end markets facing challenges from rising component prices and macroeconomic uncertainties, requiring prudent business planning despite strong AI demand
- 2 nm technology ramp expected to dilute gross margin by 3-4 percentage points in the second half of 2026 and beyond, partially offset by cost improvements and strong demand
- Overseas fab expansion contributes 2-3% gross margin dilution in early stages, potentially widening to 3-4% in latter stages, representing ongoing profitability headwinds from geographic diversification
FY2026 Q12026-04-16
Earnings calls
AI summary
positiveTSMC delivered strong Q1 results driven by robust demand for leading-edge AI and HPC technologies, with gross margin expanding 390 basis points sequentially to 66.2%. The company raised its 2026 capital expenditure guidance to the high end of $52-56B range and expanded global 3-nanometer capacity plans across Taiwan, Arizona, and Japan to meet multiyear AI demand. Management maintains high conviction in sustained AI megatrend despite near-term macroeconomic uncertainties and competitive pressures.
Key takeaways
- Q1 revenue of $35.9B (+6.4% QoQ in USD) with gross margin of 66.2% (+390 bps QoQ); N3 expected to cross corporate average gross margin in H2 2026
- Advanced technologies (7nm and below) represented 74% of wafer revenue; HPC platform surged 20% QoQ to 61% of total revenue
- Q2 FY2026 guidance: revenue $39.0-40.2B (+10% QoQ, +32% YoY at midpoint); gross margin 65.5-67.5%; executing global N3 capacity expansion with new fabs in Taiwan, Arizona (H2 2027), and Japan (2028)
- 2026 full-year revenue guidance raised to above 30% growth in USD terms; 2026 CapEx guidance raised to high end of $52-56B range due to strong AI/HPC demand and equipment supply constraints
- Long-term profitability targets revised to gross margin of 56% and above, ROE of high 20s through 2024-2029 cycle; N2 ramping successfully in high-volume production with strong smartphone and HPC demand
Financial highlights
- Q1 FY2026 revenue: NT$3.46T (~$35.9B USD); gross margin 66.2%; operating margin 58.1%; EPS NT$22.08; ROE 40.5%
- Q1 cash from operations: NT$699B; CapEx: NT$351B (USD $11.1B); cash and marketable securities: NT$3.4T (USD $106B)
- 3-nanometer contributed 25% of wafer revenue; 5-nanometer 36%; 7-nanometer 13%; days inventory increased 6 days to 80 days reflecting N2 ramp
Guidance
- Q2 FY2026 revenue: $39.0-40.2B (+10% QoQ, +32% YoY at midpoint); gross margin 65.5-67.5%; operating margin 56.5-58.5%; tax rate ~20% for Q2 (includes undistributed retained earnings tax)
- Full-year 2026 revenue growth: above 30% in USD terms; CapEx towards high end of $52-56B range
- Full-year tax rate expected 17-18%; N3 gross margin expected to reach corporate average level in H2 2026; N2 family expected to be large, long-lasting node
- Volume production timelines: Taiwan N3 fab in Tainan (H1 2027); Arizona N3 fab (H2 2027); Japan N3 fab (2028); A14 technology (second-generation nanosheet) volume production scheduled 2028
Q&A themes
- Supply-demand dynamics: Management emphasized continued extreme tightness in advanced node capacity through 2027, with AI/HPC demand continuing to outstrip supply despite aggressive CapEx; expected to remain very tight into 2027
- Competitive positioning: TSMC emphasized no shortcuts in foundry business (2-3 years to build fab, 1-2 years to ramp); confidence in technology leadership and customer relationships; noted Tesla/Terafab and Samsung competition but emphasized focus on customer success and capturing all available business
- Advanced packaging: TSMC developing larger reticle size CoWoS solutions and CoPoS pilot line (production couple years out) to address AI chip size challenges; working closely with OSAT partners due to tight packaging capacity; leveraging SoIC for mechanical stress solutions
- Long-term margin framework: Revised upward to 56% and above gross margin, high 20s ROE through 2024-2029; expects revenue growth to outpace CapEx growth in coming years, not expecting sudden capital intensity surge; management views customers as partners in pricing strategy rather than maximizing margins
Risks
- Middle East geopolitical situation poses potential near-term risk to specialty chemicals, gases (helium, hydrogen) costs and energy/LNG supply, though company states it has diversified suppliers and safety stock with no expected near-term disruptions
- Consumer segment weakness noted with price-sensitive smartphone and PC markets softening due to memory price increases, though high-end smartphone demand remains strong
- Gross margin dilution expected from N2 ramp (2-3% for full year 2026) and overseas fab expansion (2-3% initially, widening to 3-4% in later stages), partially offset by cost improvements and capacity optimization
FY2025 Q42026-01-15
Earnings calls
AI summary
positiveTSMC delivered Q4 2025 revenue of $33.7 billion (up 1.9% sequentially) with gross margin expanding 280 bps to 62.3%, driven by cost improvements and high capacity utilization. The company forecasts Q1 2026 revenue of $34.6-35.8 billion (up 4% sequentially, 38% year-over-year) with gross margin expanding to 63-65%. For full-year 2026, TSMC expects revenue growth of approximately 30% and plans CapEx of $52-56 billion to support multiyear AI demand.
Key takeaways
- Advanced technologies (7nm and below) represented 77% of Q4 2025 wafer revenue, with 3nm at 28%, 5nm at 35%, and 7nm at 14%
- HPC platforms grew 4% QoQ to 55% of Q4 revenue; smartphone grew 11% to 32%; full-year HPC revenue increased 48% YoY with total platform growth driven by AI demand
- AI accelerator revenue represented high teens percent of total 2025 revenue; forecasted mid- to high-50s percent CAGR for 2024-2029 period
- N2 entered high-volume manufacturing in Q4 2025 at Hsinchu and Kaohsiung with good yield; N2P and A16 volumes scheduled for H2 2026
- 2026 CapEx allocation: 70-80% for advanced process technologies, 10% for specialty technologies, 10-20% for advanced packaging, testing, mask making and others
Financial highlights
- Q4 2025 revenue: NT$33.7 billion or US$1.07 billion; gross margin 62.3% (up 280 bps QoQ); operating margin 54% (up 340 bps QoQ)
- Full-year 2025 revenue: US$122 billion or NT$3.8 trillion (up 35.9% in USD, 31.6% in NT$); gross margin 59.9%; operating margin 50.8%; EPS NT$66.25 (up 46.4%)
- Full-year 2025 operating cash flow: NT$2.3 trillion; CapEx: NT$1.3 trillion (US$40.9 billion); free cash flow: NT$1 trillion (up 15.2%); cash and securities: NT$3.1 trillion (US$98 billion)
- Full-year 2025 cash dividend: NT$18 per share; 2026 expected dividend: at least NT$23 per share
Guidance
- Q1 2026 revenue guidance: US$34.6-35.8 billion (4% sequential growth, 38% YoY growth at midpoint)
- Q1 2026 gross margin: 63-65%; operating margin: 54-56%; effective tax rate: 17-18% (versus 16% in 2025)
- Full-year 2026 revenue expected to increase by close to 30% in USD terms; Foundry 2.0 industry expected to grow 14% YoY
- Long-term profitability target: gross margin of 56% and higher through the cycle; ROE of high-20s percent through the cycle
Q&A themes
- AI demand validation: Management confirmed direct engagement with cloud service providers showing genuine AI infrastructure investment, with customers providing 5-6 year planning visibility and silicon identified as primary bottleneck rather than power or infrastructure
- U.S. expansion acceleration: Fab 2 production schedule pulled in to H2 2027; Fab 3 under construction; Fab 4 application filed; second Arizona land parcel purchased; target of 20-30% of 2nm capacity in Arizona upon giga-fab cluster completion
- Competitive position: Management expressed confidence in maintaining market share against IDM competitors, citing 2-3 year technology development and qualification cycles that favor established leaders; noted 30+ years of competitive experience
- Pricing strategy: ASP increases reflect both mix shift to leading-edge and strategic pricing; pricing benefits offset by tool inflation costs; profitability driven primarily by utilization, manufacturing excellence, and cross-node capacity optimization rather than pricing alone
Risks
- Gross margin dilution risks: 2-3% dilution from overseas fab ramp (early stage) widening to 3-4% (later stage); additional 2-3% dilution from N2 ramp in H2 2026; foreign exchange volatility
- Demand uncertainties: Management acknowledged potential tariff policy impacts and rising component prices affecting consumer and price-sensitive segments; noted uncertainty on whether semiconductor cycle can sustain multi-year growth despite conviction in AI megatrend
- Execution and resource constraints: Significant CapEx stepping up to $52-56 billion creates execution risks; engineering talent shortage cited as challenge for capacity expansion in both Taiwan and U.S.; takes 2-3 years to build new fab capacity
FY2025 Q32025-10-16
Earnings calls
AI summary
positiveTSMC delivered Q3 2025 revenue of $33.1 billion, exceeding guidance, with gross margin expanding 90 bps sequentially to 59.5% despite overseas fab dilution. The company raised full-year 2025 revenue guidance to mid-30s percent year-over-year growth and narrowed 2025 CapEx guidance to $40-42 billion, with 70% allocated to advanced process technologies. Management emphasized exceptional strength in AI-related demand, with N3 representing 23% of Q3 wafer revenue and advanced technologies (7nm and below) accounting for 74% of total wafer revenue.
Key takeaways
- Q3 revenue of $33.1B (+10.1% QoQ) slightly exceeded guidance; gross margin reached 59.5% (+90 bps), with N3 contributing 23% of wafer revenue and advanced technologies (7nm and below) representing 74% of total
- Full-year 2025 revenue guidance raised to mid-30s percent YoY growth; Q4 2025 guidance of $32.2-33.4B revenue with 59-61% gross margin and 49-51% operating margin
- 2025 CapEx narrowed to $40-42B (from $38-42B); management expects continued strong AI demand to drive next-year growth and indicated AI CAGR outlook will be updated in early 2026
- Gross margin dilution from overseas fabs revised to approximately 2% for H2 2025 (vs. prior 2-3% guidance); N2 volume production on track for late Q3 2025 with faster ramp expected in 2026 from both smartphone and HPC AI applications
Financial highlights
- Q3 2025 revenue: $33.1B (+10.1% QoQ); gross margin: 59.5% (+90 bps QoQ); operating margin: 50.6% (+100 bps QoQ)
- Q3 EPS: TWD 17.44 (+39% YoY); ROE: 37.8%; cash and marketable securities: TWD 2.8 trillion ($90B)
- Q3 operating cash flow: TWD 427B; CapEx: TWD 287B ($9.7B); cash balance increased TWD 106B to TWD 2.5 trillion
- Q4 2025 guidance: revenue $32.2-33.4B (-1% QoQ, +22% YoY at midpoint); gross margin 59-61%; operating margin 49-51%
Guidance
- Full-year 2025 revenue expected to increase by mid-30s percent YoY in USD terms; AI accelerator CAGR previously guided at mid-40s to be updated in early 2026 with more detailed view
- 2025 CapEx narrowed to $40-42B: ~70% for advanced process technologies, ~10-20% for specialty technologies, ~10-20% for advanced packaging and testing
- Gross margin dilution from overseas fabs expected at approximately 2% in H2 2025 and 1-2% for full-year 2025; expect 2-3% dilution in early stages of next several years
- N2 volume production on track for late Q3 2025; faster ramp expected in 2026 driven by smartphone and HPC AI applications; N2P volume production scheduled for H2 2026; A16 volume production on track for H2 2026
Q&A themes
- AI demand outlook remains very strong and better than expected 3 months ago; token volume growth exponential; management confident mid-40s CAGR view will be exceeded and will provide update in early 2026
- CoWoS and advanced packaging capacity very tight; management working hard to narrow demand-supply gap in 2026; specific capacity numbers to be provided in 2026 guidance
- Moore's Law evolution interpreted as system-level performance requirements beyond single-chip improvements; TSMC designing both front-end and back-end technologies to meet customer system needs
- Tariff policy risks noted as potential uncertainty, particularly for consumer-related and price-sensitive end markets; China market restrictions do not materially impact confidence in AI growth trajectory given customer diversification
Risks
- Potential tariff policy impact on consumer electronics and price-sensitive end market segments noted as uncertainty going into 2026; management committed to prudent capacity planning amid geopolitical risks
- Overseas fab gross margin dilution continues; estimated at 2% in H2 2025 and 1-2% for full-year versus prior 2-3% guidance; expected to remain 2-3% early stage and widen to 3-4% in later stages
- Foreign exchange volatility: each 1% USD movement against NT dollar affects gross margin by approximately 40 bps; Q3 benefited from favorable rates versus guidance assumptions
FY2025 Q22025-07-17
Earnings calls
AI summary
positiveTSMC delivered Q2 revenue of $30.1B in USD terms, exceeding guidance due to robust demand for 3nm and 5nm technologies, with HPC platform contributing 60% of revenue. The company raised full-year 2025 revenue guidance to approximately 30% growth in USD terms, supported by strong AI and leading-edge demand. However, gross margin contracted sequentially to 58.6% due to unfavorable FX (NT appreciation) and overseas fab dilution, partially offset by higher capacity utilization.
Key takeaways
- Q2 revenue $30.1B USD (+17.8% sequential), above guidance; full-year 2025 guidance raised to ~30% growth in USD terms
- HPC platform reached 60% of revenue (+14% QoQ); 3nm contributed 24% of wafer revenue, advanced nodes (7nm and below) accounted for 74% of total
- Gross margin declined 20bps sequentially to 58.6%, primarily from NT dollar appreciation (4.4% impact) and overseas fab dilution (~100bps); Q3 gross margin guided to 56.5% midpoint due to continued FX headwinds and further overseas fab ramp
- N2 technology on track for volume production H2 2025 with ramp profile similar to N3; expected tape-out volume in first 2 years higher than both N3 and N5; A16 volume production scheduled H2 2026
- Announced $165B total U.S. investment plan including 6 advanced fabs in Arizona, 2 packaging facilities, and R&D center; second Arizona fab (N3) construction complete with accelerated ramp schedule; approximately 30% of 2nm and advanced capacity targeted for Arizona
Financial highlights
- Q2 revenue: TWD 688.1B (NT), $30.1B USD (+11.3% sequential in NT, +17.8% in USD)
- Q2 gross margin: 58.6% (-20bps sequentially); operating margin: 49.6% (+110bps sequentially)
- Q2 EPS: TWD 15.36 (+60.7% YoY); ROE: 34.8%
- Cash and marketable securities: TWD 2.6 trillion (~$90B USD); Q2 operating cash flow: TWD 497B; CapEx: TWD 297B ($9.6B USD); full-year 2025 CapEx guidance: $38B-$42B USD
Guidance
- Q3 2025 revenue guidance: TWD 31.8B-$33B USD (~8% sequential increase or ~38% YoY growth at midpoint)
- Q3 2025 gross margin: 55.5%-57.5% (56.5% midpoint); operating margin: 45.5%-47.5%
- Full-year 2025 revenue growth: ~30% in USD terms, supported by strong 3nm and 5nm demand from HPC
- N2 volume production: H2 2025 on track; N2P volume production: H2 2026; A14 volume production: 2028; long-term gross margin target: 53% and higher remains achievable
Q&A themes
- CoWoS and advanced packaging capacity remains very tight; company working to 'narrow the gap' between supply and demand; no expectation of balance by 2026, continued tightness expected for 'couple of years'
- On-device AI adoption showing steady progress with die size increases of 5-10%; explosion in volume expected within 6-12 months
- N3 and N5 capacity extremely tight for next 2-3 years; company using N7 capacity to support N5 demand and converting N5 to N3; pricing power expected given supply tightness
- No customer demand pulling ahead into 2H 2025 ahead of 2026 pricing; N3 cycle time of ~4 months limits pull-forward; capacity schedules already fully allocated
Risks
- Significant FX headwind from NT dollar appreciation: 4.4% impact in Q2, 6.6% expected in Q3; every 1% NT appreciation reduces revenue 1% and gross margin ~40bps; FX remains uncontrollable structural headwind
- Overseas fab margin dilution expanding: currently >100bps from Arizona fab ramp; expected to widen to 2-4% annually through 2030 as additional overseas fabs (Arizona, Japan, Germany) ramp; partially offset by scale and cost improvements
- Macro uncertainties and potential tariff policy impacts on consumer and price-sensitive end markets; company taking cautious approach to 2H 2025 and 2026 planning despite strong AI demand
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- TSMC Approves Up to $1 Billion Investment Plan in Anthropic, OpenAI
- Taiwan semiconductor industry group backs government review of nuclear power restart
- AI Demand Extends TSMC's Record Earnings Streak
- TSMC's third-quarter revenue surges to record, beating market forecast
- TSMC evaluates potential Texas investment, sources say
- Taiwan breaks ground on advanced packaging park anchored by TSMC
- MediaTek launches new mobile chip using TSMC's most advanced technology
- Taiwan's chip prowess is built on democracy and rule of law, president says
- Xiaomi launches new Xring chip, partners with TSMC for production, sources say
Company data
Company intelligence
Updated: Nov 15, 2026, 11:02 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Che Chia Wei
- Employees
- 65,152
- IPO date
- Oct 9, 1997
- Country
- TW
- Exchange
- New York Stock Exchange
Altman Z-scorei16.36
Piotroski scorei8/9
Overall ratingiB+
Owner earningsiNT$1.10TNT$42.58 per share
ESG risk ratingiBIndustry rank: 32/122
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 3/5
- Price to earningsi
- 2/5
- Price to booki
- 1/5
Company press releases
Ayar Labs Wins Demo of the Year Award at 2026 TSMC North America Technology SymposiumBusiness WireLorentz Solution Jointly Presents with NVIDIA on Automated Large-Scale Chip-Level 3D EM Extraction and Sign-off of Ultra-High-Speed Silicon Photonics and IC/3DIC Designs at 2026 TSMC OIPBusiness WireTSMC and Amkor Technology Announce Long Term Partnership to Accelerate Advanced Packaging in the United StatesBusiness WireGUC showcase VSORA's Jotunn8 AI inference processor at the TSMC Europe Technology SymposiumGlobeNewsWireNorthland Power Signs Long-Term Corporate Power Purchase Agreement for Hai Long Offshore Wind ProjectGlobeNewsWireAlchip to Showcase Advanced AI ASIC Technologies at TSMC 2026 Technology SymposiumGlobeNewsWire
Congressional disclosures
Senate
Thomas Richard CarperSale (Partial) · $1,001 - $15,000Disclosed: Jan 3, 2024Thomas R. CarperSale (Partial) · $1,001 - $15,000Disclosed: Jan 3, 2024Thomas Hawley TubervillePurchase · $1,001 - $15,000Disclosed: Apr 12, 2023Tommy TubervillePurchase · $1,001 - $15,000Disclosed: Apr 12, 2023Thomas Richard CarperSale (Partial) · $1,001 - $15,000Disclosed: Mar 1, 2023
House
Cleo FieldsPurchase · $1,001 - $15,000Disclosed: Oct 23, 2026Ro KhannaPurchase · $1,001 - $15,000Disclosed: Oct 9, 2026Ro KhannaPurchase · $1,001 - $15,000Disclosed: Oct 9, 2026Gilbert CisnerosPurchase · $1,001 - $15,000Disclosed: Oct 12, 2026Gilbert CisnerosPurchase · $1,001 - $15,000Disclosed: Oct 13, 2026
Market cap history
$2.07T-6.5%Aug 2026 – Nov 2026
Latest: $2.07T · 2026-11-13High: $2.52T · 2026-10-05Low: $2.02T · 2026-11-09
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| SMH | 10.1% | 16M |
| FCNKX | 2.48% | 11.6M |
| AVEM | 6.4% | 4.3M |
| SOXX | 3.42% | 3.6M |
| FZAHX | 3.77% | 3.4M |
| FOCKX | 2.77% | 3.4M |
| VWNAX | 2.3% | 3.4M |
| FBGKX | 1.17% | 3.2M |
| FSELX | 2.34% | 2.9M |
| FSPTX | 2.65% | 2.7M |
| CGDV | 2.21% | 2.2M |
| VVDE | 10.23% | 2.1M |
Analyst track record
How the analysts covering TSM have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 64 | 177 |
| Analysts | 19 | 29 |
| Buy / hold / sell | 59 / 4 / 1 | 164 / 12 / 1 |
| Upgrades / downgrades / initiations | 0 / 1 / 2 | 0 / 1 / 2 |
| Price targets hit / missed | 10 / 46 (18%) | 118 / 46 (72%) |
| Avg. return after a rating (TipRanks) | -15.3% | +64.5% |
| Best / worst call | +54.8% / -39.5% | > +1,000% / -39.5% |
After buy calls on this stock: median 21-day move +4.1% vs S&P 500 +1.8% (n = 169)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Simon ColesBarclays100% hit rate on this stock · 22 targets measuredBuytarget $670Oct 16, 2026
- Mark LiBernstein100% hit rate on this stock · 16 targets measuredBuytarget $600Nov 3, 2026
- Charles ShiNeedham100% hit rate on this stock · 13 targets measuredBuytarget $560Oct 15, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 11, 2026 | Haas LiuBank of America SecuritiesNov 11, 2026 | BuyMaintained | –↗ | article ↗ |
| Nov 3, 2026 | Mark LiBernsteinNov 3, 2026 | BuyReiterated | $600↗ | article ↗ |
| Oct 18, 2026 | Jose Luis PascualJLPascualOct 18, 2026 | SellDowngraded | $262↗ | article ↗ |
| Oct 16, 2026 | Gil LuriaD.A. DavidsonOct 16, 2026 | BuyMaintained | $500↗ | article ↗ |
| Oct 16, 2026 | Simon ColesBarclaysOct 16, 2026 | BuyMaintained | $670↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 64 ratings
Frequently asked questions
Where can I trade TSM perpetual futures?
Taiwan Semiconductor Mfg. (TSM) perpetual futures trade on 26 crypto venues, including Bitget, Binance, Deepcoin. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade TSM around the clock?
Yes. Unlike the underlying stock, TSM perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on TSM perpetuals?
Right now the TSM perp funding rate is 0.0% annualized (venue median), ranging from -55.1% to 0.0% across 26 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the TSM perp price compare to the Taiwan Semiconductor Mfg. stock?
The venue-median TSM perp mark is $390.9 versus a reference stock price of $390.8, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a TSM perpetual future?
A TSM perpetual is a derivative that tracks the price of Taiwan Semiconductor Mfg. with no expiry date. It lets you take long or short exposure to Taiwan Semiconductor Mfg. on crypto venues, around the clock.
What is TSMUSDT perpetual?
TSMUSDT is the symbol most crypto exchanges use for the Taiwan Semiconductor Mfg. perpetual settled in USDT (Tether). It tracks the TSM share price through an index, trades 24/7 with leverage and never expires.
Embed this asset
<a href="https://perpequities.com/stocks/tsm-perp"><img src="https://perpequities.com/badge/tsm-perp.svg" width="240" height="64" alt="TSM perpetuals · perpequities.com" loading="lazy"></a>