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    Arthur Lai

    Research Analyst at Macquarie Group

    Arthur Lai is an Analyst specializing in the technology sector at Macquarie Capital Ltd., covering a range of leading Asian technology companies. Leveraging his expertise from previous roles at Citigroup Global Markets Asia Ltd. and Citigroup Global Markets Taiwan Securities, Lai contributes to Macquarie’s equity research team, which is recognized for top performance in Asia, including ranking first in Extel’s 2025 Asia Local Broker rankings. Active in equity research since at least 2014, he has developed insights that support robust sector coverage and investment strategies across the region. His professional background spans major finance hubs in Hong Kong and Taiwan, bringing deep market knowledge and analytical rigor to institutional clients.

    Arthur Lai's questions to TAIWAN SEMICONDUCTOR MANUFACTURING CO (TSM) leadership

    Arthur Lai's questions to TAIWAN SEMICONDUCTOR MANUFACTURING CO (TSM) leadership • Q2 2025

    Question

    Arthur Lai inquired about the return on investment for the N2 node, asking for a comparison to the N3 node, especially considering N2's higher capital expenditure but reportedly good yield performance.

    Answer

    SVP & CFO Mr. Wendell Huang stated that N2's profitability is structurally better than N3's. He explained that comparing the time to reach corporate average margin is less meaningful now that the target is 53%+, but confirmed N2 is on track for a ramp in H2 2025 with revenue contribution starting in H1 2026.

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