台积电2nm芯片即将涨价

Core Viewpoint - TSMC reported strong third-quarter results with revenue of $33.1 billion, a year-over-year increase of 40.8% and a quarter-over-quarter increase of 10.1%, driven by cost optimization and improved capacity utilization [1][2] Financial Performance - Revenue reached $33.1 billion, exceeding guidance of $31.8-$33.0 billion, with a gross margin of 59.5%, surpassing the previous quarter's guidance of 55.5%-57.5% [2] - Operating margin was 50.6%, above the previous quarter's guidance of 45.5%-47.5%, while net profit margin stood at 45.7% [1][2] - Net income attributable to shareholders was $452.3 million, reflecting a 39.1% increase year-over-year [2] Market Segments - High-Performance Computing (HPC) continues to be a significant revenue driver, contributing 57%-60% of total revenue in recent quarters, up from 51% year-over-year [2][6] - The smartphone market saw a 19% quarter-over-quarter revenue increase, while the automotive market showed signs of recovery with an 18% increase [11][14] Technology and Pricing - TSMC's 3nm and 5nm processes accounted for 60% of revenue, up from 52% last year, indicating strong demand for advanced technology [6][7] - The company is considering price increases for its 2nm process, expected to be about 20% higher than the 3nm process [9][8] Future Outlook - TSMC's CEO indicated that AI demand is expected to grow at a CAGR of over 45% in the next five years, with ongoing efforts to close the supply-demand gap in advanced packaging [8] - The company anticipates a 1%-2% dilution in gross margin due to increased capacity at overseas factories, with potential long-term impacts of 2%-4% [8] Industry Context - The semiconductor supply chain is moving away from inventory correction cycles, with a reduction in low-price competition in mature processes [16] - Despite the positive outlook, uncertainties in the global trade environment and a lack of innovation in consumer products may pose challenges in 2026 [16]