Taiwan Semiconductor Manufacturing Company Limited (TSMC) is the world's largest dedicated semiconductor foundry, specializing in manufacturing semiconductors based on proprietary designs provided by its customers. The company focuses on wafer fabrication, advanced packaging, and testing services, as well as design and mask-making solutions. TSMC serves a diverse range of industries, including high-performance computing, smartphones, IoT, automotive, and digital consumer electronics.
- High Performance Computing - Manufactures semiconductors for applications such as data centers, AI, and advanced computing systems.
- Smartphone - Produces chips used in mobile devices, enabling enhanced performance and connectivity.
- Internet of Things - Develops semiconductors for IoT devices, supporting smart home and industrial applications.
- Automotive - Supplies chips for automotive systems, including advanced driver-assistance systems and infotainment.
- Digital Consumer Electronics - Creates semiconductors for consumer electronics like TVs and gaming consoles.
- Others - Provides chips for miscellaneous applications outside the primary segments.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
C.C. Wei ExecutiveBoard | Vice Chairman and CEO | None | Joined TSMC in 1998; previously served as President and Co-CEO; holds a Ph.D. in Electrical Engineering from Yale University. | View Report → |
Cliff Hou Executive | Senior Vice President of Europe & Asia Sales and Deputy Co-COO | Chairman of Taiwan Semiconductor Industry Association | Joined TSMC in 1997; established TSMC's technology design kit and reference flow development organizations; holds a Ph.D. in Electrical and Computer Engineering from Syracuse University. | View Report → |
Kevin Zhang Executive | Senior Vice President of Business Development and Deputy Co-COO | None | Joined TSMC in 2016; previously Vice President of R&D; holds a Ph.D. in Electrical Engineering from Duke University. | |
Rick Cassidy Executive | Senior Vice President of Corporate Strategy Development and Chairman of TSMC Arizona | None | Joined TSMC in 1997; previously CEO of TSMC North America; holds a B.A. in Engineering Technology from the United States Military Academy at West Point. | |
Sylvia Fang Executive | Senior Vice President, Legal, General Counsel, and Corporate Governance Officer | None | Joined TSMC in 1995; licensed to practice law in Taiwan; holds a master’s degree in Comparative Law from the University of Iowa. | |
Wei-Jen Lo Executive | Senior Vice President of Corporate Strategy Development | None | Joined TSMC in 2004; previously Senior Vice President of R&D; holds a Ph.D. in Solid State Physics & Surface Chemistry from UC Berkeley. | View Report → |
Wendell Huang Executive | Senior Vice President and CFO | None | Senior Vice President and CFO; no additional biographical details provided in the documents. | |
Y.J. Mii Executive | Executive Vice President and Co-COO | None | Joined TSMC in 1994; previously Senior Vice President of R&D; holds a Ph.D. in Electrical Engineering from UCLA. | |
Y.P. Chyn Executive | Executive Vice President and Co-COO | None | Joined TSMC in 1987; previously Senior Vice President of Operations; holds a master’s degree in Electrical Engineering from National Cheng Kung University. | |
L. Rafael Reif Board | Independent Director | President Emeritus of MIT; Co-Chair of Growth Technical Advisory Board at Applied Materials; Director at Council on Foreign Relations and Carnegie Endowment for International Peace | Independent Director since 2021; previously President of MIT; holds a Ph.D. in Electrical Engineering from Stanford University. | |
Michael R. Splinter Board | Independent Director | Lead Independent Director at NASDAQ, Inc.; Independent Director at Gogoro Inc., Tigo Energy, and Kioxia Holdings; General Partner at WISC Partners LP and MRS Business and Technology Advisors | Independent Director since 2015; previously CEO of Applied Materials; holds a Master’s Degree in Electrical Engineering from the University of Wisconsin-Madison. | |
Moshe N. Gavrielov Board | Independent Director | Chairman of SiMa Technologies and Foretellix; Independent Director at NXP Semiconductors | Independent Director since 2019; previously CEO of Xilinx; holds a Bachelor’s and Master’s Degree in Electrical Engineering from the Technion-Israel Institute of Technology. | |
Sir Peter L. Bonfield Board | Independent Director | Chairman of NXP Semiconductors; Non-Executive Director at Imagination Technologies and Darktrace plc; Advisory Board Member at The Longreach Group; Senior Advisor to Alix Partners LLP; Board Mentor at CMi Ltd. | Independent Director since 2002; previously CEO of British Telecommunications; holds a Bachelor’s Degree in Engineering from Loughborough University. | |
Yancey Hai Board | Independent Director | Chairman of Delta Electronics; Director at CTCI Corporation and USI Corporation; Senior Strategy Consultant at Cloud Computing & IoT Association in Taiwan; Chairman of Taiwan Climate Partnership | Independent Director since 2020; holds a master’s degree in International Business Management from the University of Texas at Dallas. |
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With electricity costs in Taiwan having doubled over the past few years and expected to impact your gross margin by at least 1%, what specific strategies do you have to mitigate this impact on profitability, and can you secure more favorable energy pricing or improve energy efficiency to address this challenge?
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As you ramp up your overseas fabs in Arizona and Japan, you anticipate a 2% to 3% annual gross margin dilution over the next few years; given the higher costs and lower profitability of these fabs, how do you plan to improve their cost structures and achieve corporate-level margins in these regions?
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Despite your efforts to more than double CoWoS capacity to meet the overwhelming demand for advanced packaging, you mention that it's still not enough; how are you addressing this supply constraint, and is there a risk that customers might turn to competitors if you cannot meet their demand?
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Considering your significant market share in advanced nodes and packaging, and the introduction of Foundry 2.0, how are you managing potential antitrust concerns, and what measures are you taking to ensure regulatory compliance while continuing to expand your business?
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Given the "insane" demand for AI-related chips and your acknowledgment that customer demand far exceeds your ability to supply, how are you ensuring that this surge does not lead to over-reliance on a few key customers, and what strategies are in place to manage the sustainability and potential volatility of AI-driven demand?
Research analysts who have asked questions during TAIWAN SEMICONDUCTOR MANUFACTURING CO earnings calls.
Gokul Hariharan
JPMorgan Chase & Co
5 questions for TSM
Sunny Lin
UBS
5 questions for TSM
Brett Simpson
Arete Research
4 questions for TSM
Charlie Chan
Morgan Stanley
4 questions for TSM
Chia Yi Chen
Citigroup
3 questions for TSM
Zheng Lu
Goldman Sachs
3 questions for TSM
Arthur Lai
Macquarie Group
2 questions for TSM
Brad Lin
Bank of America
2 questions for TSM
Bruce Lu
Goldman Sachs
2 questions for TSM
Laura Chen
Citigroup
2 questions for TSM
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
2 questions for TSM
Yu Shi
Susquehanna International Group, LLP
2 questions for TSM
Charlie Chen
China Renaissance
1 question for TSM
Felix Pan (Junhong Pan)
KGI Securities
1 question for TSM
Krish Sankar
TD Cowen
1 question for TSM
Mehdi Hosseini
Susquehanna Financial Group
1 question for TSM
Rick Hsu
Daiwa Securities
1 question for TSM
Yu Jang Lai
Macquarie Group Limited
1 question for TSM
Recent press releases and 8-K filings for TSM.
- TSMC reported diluted earnings per share of NT$17.44 (US$2.92 per ADR unit) and consolidated revenue of NT$989.92 billion (US$33.10 billion) for the third quarter ended September 30, 2025.
- Third quarter revenue increased 30.3% year-over-year and 6.0% quarter-over-quarter (in NT$), while diluted EPS increased 39.0% year-over-year.
- The company achieved a gross margin of 59.5%, an operating margin of 50.6%, and a net profit margin of 45.7% in Q3 2025.
- Advanced technologies (7-nanometer and more advanced) contributed 74% of total wafer revenue in Q3 2025, with 3-nanometer accounting for 23% and 5-nanometer for 37%.
- For the fourth quarter of 2025, TSMC expects revenue to be between US$32.2 billion and US$33.4 billion, with a gross profit margin between 59% and 61% and an operating profit margin between 49% and 51%.
- TSMC reported Q3 2025 revenue of $33.1 billion, a 10.1% sequential increase, with a gross margin of 59.5% and EPS of 17.44 NT, up 39% year-over-year.
- For Q4 2025, the company expects revenue between $32.2 billion and $33.4 billion and a gross margin between 59% and 61%.
- Full-year 2025 revenue is projected to increase by close to mid-30% year over year, and capital expenditures guidance was narrowed to $40 billion to $42 billion.
- Demand for AI-related applications remains very strong, with the company's AI accelerator growth CAGR now expected to be "a little bit better" than the previously guided mid-40%.
- Advanced technologies (7-nanometer and below) contributed 74% of wafer revenue in Q3, and 2-nanometer technology is on track for volume production later this quarter.
- TSM reported Net Revenue of US$33.10 billion (NT$989.92 billion) for Q3 2025, marking a 10.1% increase over Q2 2025 and a 40.8% increase over Q3 2024 in USD terms. Net income attributable to shareholders of the parent company was NT$452.30 billion, resulting in EPS of NT$17.44.
- The company achieved a Gross Margin of 59.5% and an Operating Margin of 50.6% in Q3 2025, both showing improvements compared to the prior quarter and prior year.
- Cash from operating activities for Q3 2025 was NT$426.83 billion, with Free Cash Flow at NT$139.38 billion. Cash & Marketable Securities totaled NT$2,751.06 billion as of September 30, 2025.
- TSM's Board of Directors approved a NT$5.00 cash dividend for the second quarter of 2025, with an ex-dividend date of December 11, 2025, and a distribution date of January 8, 2026.
- For Q3 2025, TSMC reported $33.1 billion in revenue, a 10.1% sequential increase, with a gross margin of 59.5% and an operating margin of 50.6%. Advanced technologies (7nm and below) accounted for 74% of wafer revenue.
- For Q4 2025, the company expects revenue to be between $32.2 billion and $33.4 billion, representing a 1% sequential decrease or a 22% year-over-year increase at the midpoint, with a projected gross margin between 59% and 61%.
- TSMC anticipates its full-year 2025 revenue to increase by close to mid-30s percent year over year in U.S. Dollar terms, and has narrowed its 2025 capital expenditure to between $40 billion and $42 billion.
- The company continues to observe robust AI-related demands throughout 2025 and expects a faster ramp for its N2 technology in 2026, with volume production for N2P and A16 scheduled for the second half of 2026. CoWoS capacity remains very tight, and efforts are underway to increase it in 2026.
- TSMC reported Q3 2025 revenue of $33.1 billion, marking a 10.1% sequential increase, with a gross margin of 59.5%.
- For Q4 2025, the company forecasts revenue between $32.2 billion and $33.4 billion, a 1% sequential decrease at the midpoint, and a gross margin between 59% and 61%.
- Full-year 2025 revenue is now expected to increase by close to mid-thirties percent year over year , and CapEx guidance was narrowed to between $40 billion and $42 billion.
- The company continues to observe robust AI-related demand throughout 2025, strengthening its conviction in the AI megatrend.
- The expected gross margin dilution from overseas fabs for full year 2025 is now closer to 2%, an improvement from the previously estimated 2% to 3%.
- Taiwan Semiconductor Manufacturing Company Limited (TSM) reported consolidated revenue of approximately NT$330.98 billion for September 2025.
- This figure represents a 1.4 percent decrease from August 2025 but a significant 31.4 percent increase compared to September 2024.
- For the cumulative period of January through September 2025, total revenue reached NT$2,762.96 billion, an increase of 36.4 percent over the same period in 2024.
- Taiwan Semiconductor Manufacturing Company Limited (TSMC) approved US$20.7 billion in capital appropriations for machinery equipment for advanced, advanced packaging, mature, and specialty technology capacity, as well as for real estate and capitalized leased assets.
- During August 2025, TSMC and its subsidiaries acquired NT$13.5 billion in fixed-income investments.
- Jonathan Lee, Vice President, increased his shareholdings by 353 shares, bringing his total to 460,225 shares as of August 31, 2025.
- NVIDIA announced the adoption of its new RTX PRO Servers by leading global enterprises, including Disney, Foxconn, Hitachi Ltd., Hyundai Motor Group, Lilly, SAP, and TSMC.
- These servers, powered by the RTX PRO 6000 Blackwell Server Edition GPU, are designed to accelerate AI, design, and simulation applications, facilitating a shift to AI factory infrastructure without extensive data center overhauls.
- The RTX PRO Servers are available through various hardware partners like Cisco, Dell Technologies, HPE, Lenovo, and Supermicro, and cloud service providers such as CoreWeave and Google Cloud.
- Taiwan Semiconductor Manufacturing Company Limited (TSMC) reported NT$10.2 billion in fixed-income investment acquisitions and NT$0.4 billion in dispositions for July 2025.
- The company issued unsecured bonds totaling NT$12.3 billion in July 2025, comprising a NT$8.3 billion tranche with a 1.92% coupon rate and a NT$4.0 billion tranche with a 2.05% coupon rate.
- Jonathan Lee, Vice President, increased his shareholding by 346 shares in July 2025.
- Taiwan Semiconductor Manufacturing Company Limited (TSM) reported net revenue of $933,791,869 for the three months ended June 30, 2025, an increase from $673,510,177 in the same period of 2024.
- Net income for Q2 2025 was $397,493,424, up from $247,661,438 in Q2 2024, leading to basic Earnings Per Share (EPS) of $15.36 compared to $9.56 in the prior year period.
- For the six months ended June 30, 2025, net revenue reached $1,773,045,533, with net income of $758,226,085 and basic EPS of $29.31.
- The High Performance Computing platform was the largest contributor to net revenue in Q2 2025, generating $561,155,353.