“AI需求比三个月前更强！”，台积电Q3净利润创新高

Core Insights - TSMC reported significant growth in revenue and net profit for Q3 2025, with advanced process revenue accounting for over 70% of total wafer revenue, driven by strong AI demand [1][3][4] Financial Performance - TSMC's consolidated revenue for Q3 reached NT$989.92 billion, a year-on-year increase of 30.3%, equivalent to approximately $33.1 billion [3] - Net profit for the quarter was NT$452.3 billion, marking a 39.1% year-on-year growth and setting a historical record [3] - Gross margin improved to 59.5%, up 0.9 percentage points quarter-on-quarter [3] Product Composition - In terms of product composition, 3nm process accounted for 23% of total wafer revenue, 5nm for 37%, and 7nm for 14%, with advanced processes (7nm and below) collectively making up 74% of total wafer revenue [3] - High-Performance Computing (HPC) revenue represented 57% of total revenue, surpassing smartphones at 30%, IoT at 5%, automotive at 5%, and digital consumer electronics at 1% [3] Future Outlook - TSMC forecasts Q4 sales between $32.2 billion and $33.4 billion, exceeding market expectations of $31.23 billion, with a gross margin projected between 59% and 61% [3] - The company anticipates a revenue growth of approximately 30% for the year 2025 [3] Management Insights - TSMC's CEO emphasized the strong and increasing demand for AI, noting that the company will continue to invest to support customer growth [4] - The company is working to close the supply-demand gap for advanced packaging and plans to ramp up capacity for 2nm process production later this quarter [4] - TSMC is accelerating capacity expansion at its Arizona facility and preparing to upgrade technology for advanced processes [4] Capital Expenditure - TSMC raised its capital expenditure guidance for the year, with $29.39 billion spent in the first nine months, and plans to allocate $40 billion to $42 billion for 2025, up from a previous range of $38 billion to $42 billion [5][6] - Approximately 70% of capital expenditure will be directed towards advanced processes, with 10% to 20% allocated for advanced packaging, testing, and manufacturing [6] Market Dynamics - TSMC's management addressed inquiries regarding data center construction costs, indicating that building a 1GW data center requires an investment of around $50 billion [6] - The company supports various chip types, including GPUs and ASICs, which utilize TSMC's advanced technologies [6]