TSMC(US:TSM) 3 6 Ke·2025-10-16 10:33Core Insights - TSMC reported a significant increase in revenue and profit for Q3, with both metrics growing over 30% year-on-year, driven by surging demand from AI clients like OpenAI, Meta, and xAI [2][3][6] Financial Performance - TSMC's revenue for Q3 reached NT$989.92 billion (approximately RMB 230.16 billion), a 30.3% increase from NT$759.69 billion in the same quarter last year and a 6.0% increase from NT$933.79 billion in the previous quarter [2][3] - Net income attributable to shareholders was NT$452.30 billion (approximately RMB 105.16 billion), up 39.1% year-on-year from NT$325.26 billion and up 13.6% from NT$398.27 billion in Q2 [3][4] - The gross margin for Q3 was 59.5%, an increase from 57.8% year-on-year and 58.6% quarter-on-quarter [6] Market Share and Technology - TSMC's market share in the pure foundry market is projected to grow from 63% in Q1 2024 to 71% by Q2 2025, attributed to increased capacity in 3nm technology and high utilization rates for AI GPUs [2] - Advanced process technologies (7nm and below) accounted for 74% of total wafer revenue, with 3nm contributing 23% and 5nm contributing 37% [5][6] Revenue by Application - High Performance Computing (HPC) and smartphones accounted for 57% and 30% of net revenue, respectively, with HPC's share decreasing from 60% in Q2 [7] - TSMC's revenue from North American clients constituted 76% of total net revenue, highlighting a heavy reliance on this market [9] Capital Expenditure and Future Outlook - TSMC's capital expenditure for Q3 was approximately USD 9.7 billion, with total spending for the year nearing USD 30 billion [10][11] - The company anticipates capital expenditures for 2025 to be in the range of USD 40-42 billion, reflecting strong demand for 2nm technology [11] - TSMC expects AI-related revenue to grow at a compound annual growth rate (CAGR) of around 40% over the next few years, driven by increasing demand for AI infrastructure [12][20]