TSMC(US:TSM) Mei Ri Jing Ji Xin Wen·2026-02-11 02:46Core Viewpoint - TSMC's strong revenue growth in January reflects the ongoing demand for AI infrastructure, despite concerns about potential industry bubbles [3][4] Financial Performance - TSMC reported a consolidated revenue of approximately NT$401.26 billion in January, a month-on-month increase of 19.8% and a year-on-year increase of 36.8% [3] - The company's net profit for Q4 2025 reached NT$505.7 billion, a 35% year-on-year increase, with consolidated revenue of NT$1.46 trillion, up 20.5% [4] - TSMC's gross margin improved to 62.3%, up 3.3 percentage points from the previous year, exceeding market expectations of 60.6% [4][5] Capital Expenditure and Dividends - TSMC's board approved a capital budget of up to US$44.962 billion (approximately NT$1.4 trillion) for building and upgrading advanced process capacities [3] - The board also decided to distribute a cash dividend of NT$6 per share for Q4 2025 and approved employee bonuses and dividends totaling NT$206.146 billion [3] Industry Position and AI Demand - TSMC is positioned as a major beneficiary of the AI investment boom, with significant demand for AI hardware driving its revenue growth [4] - Major tech companies, including Microsoft and Amazon, plan to invest over US$600 billion in AI infrastructure by 2026, indicating sustained demand for semiconductor capabilities [4] Geopolitical Considerations - The U.S. government has expressed intentions to transfer 40% of Taiwan's semiconductor capacity to the U.S., which Taiwan's authorities have deemed impossible [6][9] - TSMC's expansion plans in the U.S. and Japan are ongoing, with significant investments aimed at establishing a dual-core operational structure [12][14]