台积电Q3净利7631亿新台币创新高且超预期，但毛利率不及预期、扩产摊薄指引叠加全球AI股抛售，ADR盘前反跌约2.6%

Asia stocks tumble as South Korea’s KOSPI triggers circuit breaker in tech rout
Investing.com-- Taiwan Semiconductor Manufacturing Co, or TSMC, clocked a stronger-than-expected third-quarter profit on Thursday, with earnings hitting another record high on robust demand from the artificial intelligence industry.
The company said that it had considered setting up more facilities in the U.S., potentially in Texas, as it races to ramp up capacity and meet increasing demand.
The world’s largest contract chipmaker said net profit surged to T$763.06 billion ($23.55 billion) in the three months to September 30. The print jumped nearly 69% year-on-year to a record high, and was also well above Reuters/LSEG estimates of T$746.3 billion.
Revenue jumped 50% to T$1.49 trillion. Gross margin was 66.4%, operating margin was 58.7%, and net profit margin was 51.1%, TSMC said.
Capacity buildout to dent margins, TSMC looking at Texas fab
Speaking in a post-earnings webcast, CFO Wendell Huang warned of a continued deterioration in TSMC’s gross margins from the company’s attempts to increase capacity-- both at home and abroad-- to meet growing chip demand.
Gross margin dilution from the buildout is expected to be closer to 2% in 2026, Huang said, while margin dilution from its overseas facilities was expected to be higher in the coming years. He forecast an at least 0.4% drop in fourth-quarter gross margin.
He said that capital spending was expected to be "significantly higher" in the coming years, citing continued, outsized demand from AI, which required more production capacity.
Huang reiterated TSMC’s 2026 capital budget of between $60 billion and $65 billion. He declined to provide a number on just how much capacity will increase in the coming months.
"We’re working very hard to increase our capacity in the U.S.," CEO C.C. Wei said in response to an analyst question. Wei said the company had looked at U.S.-based locations outside its primary Arizona site in the U.S., including in Texas, for more facilities.
Wei said the company was still in discussions over the nature of the facilities, on whether they will be run directly by TSMC or as part of a tie-up with partners such as Elon Musk’s Terrafab.
AI-driven demand to remain very strong
Huang said TSMC revenue will be between $52.3 billion and $54.3 billion, representing a 58% year-on-year increase.
Separately, CEO C.C. Wei forecast 2026 revenue growth to be around 44% year-on-year in USD terms.
"The AI market continues to be very strong... we observe increasing AI demand, fueled by the increasing adoption of agentic AI," Wei said.
"The value of semiconductors in the global AI chain is expected to continue to increase."
Thursday’s print marked a sixth straight quarter of record profits for TSMC, and an 11th straight quarter of growth, as the chipmaker continued to reap great returns from AI-fueled demand.
The company’s advanced 2-nanometer chips accounted for 8% of total wafer revenue, while 3-nm accounted for 33% of revenue.
The company is the world’s largest contract chipmaker by production capacity, and also manufactures the most advanced chips in the market. This position saw TSMC benefit greatly from increasing global demand for advanced AI processors, with NVIDIA Corporation (NASDAQ:NVDA) being among its biggest customers.
The company is also widely regarded as a bellwether for global chip demand.
TSMC’s earnings were preceded by a strong showing from chipmaking equipment major ASML Holding NV (AS:ASML), which also flagged strong AI-fueled demand earlier this week.
Still, TSMC’s earnings come amid a deep rout in chipmaking and AI equity valuations, as the prospect of rising U.S. interest rates battered the debt-heavy sector.