TSMC

GPUs buy silicon; returns hinge on utilization. Collectives, HBM, schedulers, power/thermal, and inference batching decide effective output from hundred-billion AI CapEx. Hub NVIDIA; complements AVGO/ANET; constraints TSM/MU; physical layer VRT. See CPU industry.

TSMC posted Q2 2026 revenue of US$40.20B (+33.7% YoY, +12% QoQ), net income NT$706.56B (+77.4%), 67.7% GM and 60.3% OM. Advanced nodes (≤7nm) are 77% of wafer revenue; HPC 66%. Q3 guide US$44.6–45.8B; FY26 revenue growth slightly above +40% USD; CapEx raised to $60–64B. The advanced foundry monopoly for AI GPUs/ASICs is intact, but CoWoS packaging bottlenecks and Taiwan geopolitics remain structural discount factors. See also NVDA, ASML, AMD, INTC.