🚀 TSMC raised its 2026 revenue growth forecast to 44% from guidance of slightly above 40%. Q3 revenue rose 41.2% YoY in US dollar terms, above the upper end of the company’s own forecast, and management said AI accelerator growth through 2029 could exceed earlier expectations. Inventory remains key to watch as inventory days fell from 76.5 to 72.9 even as TSMC prepared for a major increase in 2nm shipments. The current AI investment cycle depends on whether the industry can turn accumulated components and production capacity into shipments and revenue, which makes the drop worth following. Margins are where things are slightly more complicated. N2 mass production is starting to weigh on gross margin and overseas expansion adds costs, but TSMC still expects full-year gross margin of around 66% to 67%. It plans to spend US$60 billion to US$64 billion on capital expenditure this year and expects spending from 2026 to 2028 to exceed the previous three years. 📥 Our latest analysis covers what the results show about AI demand, TSMC’s earnings outlook for 2027, and whether inventory trends across the semiconductor industry support a continuing upcycle. It also tracks how demand is spreading beyond advanced chips into Taiwan’s broader supply chain and what that means for export growth and corporate earnings. 🔗 Full report: https://t.co/gGnMGZjkov