TSMC(US:TSM) 3 6 Ke·2026-01-15 11:38Core Viewpoint - TSMC's Q4 2025 financial report shows record revenue and profit, highlighting strong demand in the semiconductor industry, particularly driven by AI applications, although revenue from the new 2nm process is not yet included [1][2][4]. Financial Performance - TSMC reported revenue of $33.67 billion (NT$1,046.09 billion) for Q4 2025, a year-on-year increase of 25.5% and a quarter-on-quarter increase of 5.7% [2][3]. - Net profit reached NT$505.74 billion, a significant year-on-year increase of 35%, marking the eighth consecutive quarter of profit growth [2][3]. - The gross margin was 62.3%, and the net profit margin was 48.3% [3]. Product Segmentation - In Q4 2025, 3nm process shipments accounted for 28% of wafer sales, while 5nm and 7nm processes represented 35% and 14%, respectively. Advanced processes (including 7nm and above) contributed to 77% of total wafer sales [2][3]. Market Trends - The demand for AI continues to drive chip demand across the server industry, with expectations for a significant increase in AI server demand in 2026 [4]. - TSMC plans capital expenditures of $52 billion to $56 billion for 2026, following $40.9 billion in 2025, aligning with industry trends for advanced process capacity expansion [4]. Capacity and Production - TSMC's 2nm technology is set to begin mass production in Q4 2025, with expectations for it to become a leading process node due to high demand and pricing [8][7]. - The company is expanding its 2nm production capacity, with plans for multiple new facilities to support increased output [8]. Pricing Trends - The global average capacity utilization rate for major foundries reached 90% in Q4 2025, driven by strong demand from AI applications and recovery in automotive and industrial sectors [9]. - Price increases are anticipated in the 12-inch foundry segment, particularly for advanced processes, with expected price hikes of 3% to 10% in 2026 [10]. Industry Dynamics - The semiconductor foundry market is evolving, with TSMC maintaining a dominant position, while non-TSMC foundries are experiencing slower growth [14][15]. - The demand for storage chips is expected to remain strong, with significant price increases projected for DRAM and NAND in 2026 due to AI-driven demand [16].