Benzinga综述：台积电Q3超预期、英伟达/苹果/AMD争抢先进制程与CoWoS产能，但系昨日财报与CNBC瑞穗评论的二次整合，无新增事实

Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) remains at the center of the global artificial intelligence boom as major technology companies compete for limited chipmaking and advanced-packaging capacity.
The chipmaker is expanding production to meet long-term demand. However, supply constraints remain a growing concern for customers racing to build AI infrastructure.
Taiwan Semiconductor shares have gained nearly 40% in 2026, compared with a more than 60% increase in the PHLX Semiconductor Index.
Strong AI Demand Drives Quarterly Growth
Taiwan Semiconductor reported third-quarter revenue of $46.7 billion, up 16.2% sequentially and above the high end of its guidance.
Gross margin fell 1.3 percentage points sequentially to 66.4%, partly reflecting the initial production ramp of its 2-nanometer technology.
Meanwhile, high-performance computing revenue jumped 22% sequentially, accounting for 68% of total sales.
Chips manufactured using 7-nanometer and more advanced processes represented 79% of wafer revenue, highlighting strong demand for leading-edge technology.
Tech Giants Battle for Limited Chip Capacity
Competition for Taiwan Semiconductor’s manufacturing capacity is intensifying as major technology companies seek to secure AI chip supplies.
Mizuho Securities Managing Director Jordan Klein told CNBC on Thursday that competition is particularly fierce among major customers, including Broadcom, NVIDIA Corp. (NASDAQ:NVDA), Apple Inc. (NASDAQ:AAPL) and Advanced Micro Devices Inc. (NASDAQ:AMD).
Taiwan Semiconductor North America President Sajiv Dalal said he receives at least 10 calls daily from customers seeking wafer capacity.
Klein said the company could increase capacity by 10% to 20% beyond earlier targets, potentially reaching 120,000 wafers per month by year-end.
He expects NVIDIA and Apple to secure a significant share of the additional supply.
Chip Shortages Threaten AI Expansion Plans
Limited manufacturing capacity could complicate the technology industry’s aggressive AI investment plans.
Klein warned that shortages of advanced logic chips could threaten ambitious revenue projections for frontier AI models and large-scale infrastructure projects.
Vlad Galabov, co-host of The AIDC Debate, said advanced logic chip shortages differ from memory constraints because these processors require customized designs and long-term production planning.
As a result, even major customers such as NVIDIA, Advanced Micro Devices and Apple face supply risks.
Taiwan Semiconductor’s 10 largest customers accounted for 78% of its 2025 net revenue, according to CNBC.
Advanced Packaging Adds Another Bottleneck
Beyond wafer production, advanced packaging has emerged as another major constraint.
Galabov said NVIDIA has already reserved most of Taiwan Semiconductor’s advanced chip-on-wafer-on-substrate, or CoWoS, packaging capacity.
The company is working to double that capacity to meet growing demand for AI processors.
Meanwhile, Klein said Taiwan Semiconductor could accelerate production by installing additional manufacturing equipment rather than waiting for entirely new factories.
The company is also expanding operations in Taiwan, Japan and Arizona. It has committed to ASML Holding N.V. (NASDAQ:ASML)‘s $400 million High-NA EUV technology and is reportedly considering another manufacturing site in Texas.
Smaller Chipmakers Face Tough Competition
The capacity crunch is also making it harder for emerging chip designers to secure manufacturing agreements.
Klein said Taiwan Semiconductor evaluates customers based on long-term demand forecasts, target markets and expected production requirements rather than immediate orders alone.
Sid Sheth of dMatrix said the chipmaker remains highly selective and expects customers to provide credible demand projections.
He emphasized that developing competitive products, building relationships and executing consistently are essential to securing production capacity.
Intel and Samsung See an Opportunity
Taiwan Semiconductor’s manufacturing constraints could create opportunities for rival chipmakers.
Intel Corp. (NASDAQ:INTC) and Samsung Electronics Co. Ltd. (OTC:SSNLF) could benefit as customers explore alternative manufacturing partners.
Klein said Intel CEO Lip-Bu Tan is working to strengthen manufacturing operations and attract external foundry customers.
Potential customers could include Apple, NVIDIA and companies linked to Elon Musk, although such agreements remain speculative.
For now, strong AI demand continues to reinforce Taiwan Semiconductor’s position in advanced chip manufacturing. However, limited wafer and packaging capacity remains a critical challenge for the broader AI industry.
TSM Price Action: Taiwan Semiconductor shares fell 0.30% to $421 during premarket trading Friday, according to Benzinga Pro data.
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