Bernstein Reiterates Outperform on TSM as Revenue Tracks Ahead of Guidance

Core Viewpoint - Taiwan Semiconductor Manufacturing Company Limited (TSMC) is being closely monitored by analysts as a significant player in the AI sector, with Bernstein SocGen Group maintaining an "Outperform" rating and a price target of $330.00, citing strong revenue tracking for 4Q25 [1]. Revenue Performance - TSMC's revenue for November was NT$343.61 billion (approximately $11 billion), reflecting a 6.5% decline from October's NT$367.47 billion but showing a year-over-year increase of 24.5% [2]. - The combined revenue for October and November reached NT$711 billion, which constitutes 71% of the company's fourth-quarter 2025 guidance midpoint in New Taiwan dollars, positioning it at the upper end of the historical range of 65-72% [3]. Future Projections - Analysts suggest that if December follows typical seasonal patterns, TSMC's 4Q25 revenue could exceed guidance midpoint and consensus by 3-4%. Additionally, actual foreign exchange rates have provided a 1% tailwind, although this alone does not fully account for the revenue beat [4].