TSMC(US:TSM) Hua Er Jie Jian Wen·2025-07-10 07:15Core Insights - TSMC's June sales reached NT$263.71 billion, a 26.9% increase year-over-year, despite a 17.7% month-over-month decline [2][3] - For Q2, TSMC's sales were NT$933.796 billion (approximately US$31.95 billion), significantly exceeding company guidance and market expectations, with a year-over-year growth of 38.6% [2][3] - Cumulative sales for the first half of the year totaled NT$1,773.046 billion, reflecting a 40.0% increase compared to the same period last year [2][3] Financial Performance - TSMC's Q2 revenue surpassed analyst expectations, with LSEG SmartEstimate predicting NT$927.831 billion [4] - Morgan Stanley forecasts a 17% quarter-over-quarter growth in Q2 revenue, driven by strong demand for 3nm and 5nm processes, despite currency pressures [4] - TSMC's CEO reaffirmed a 20% sales growth target in USD for 2025, alongside a commitment to invest US$100 billion to expand manufacturing capabilities in the U.S., Japan, and Germany [4] Market Dynamics - The strong demand for AI chips from major companies like NVIDIA and increasing outsourcing orders from Intel are key drivers for TSMC's sales performance [5] - Despite challenges in the mobile and consumer sectors, TSMC's annual sales growth target of 25% remains achievable [5] - Concerns about tariffs and their impact on the global economy and electronics industry persist, affecting investor sentiment [5]