TSMC(US:TSM) Jing Ji Guan Cha Wang·2026-02-11 14:31Financial Performance - TSMC reported consolidated revenue of approximately NT$401.26 billion (about RMB 88.64 billion) for January 2026, reflecting a year-on-year growth of 36.8% and a month-on-month growth of 19.8% [2] - The net profit for Q4 2025 increased by 35% to NT$505.74 billion, with a record high gross margin of 62.3% [2] - TSMC provided an optimistic revenue guidance for Q1 2026, expecting revenue between USD 34.6 billion and USD 35.8 billion, with a gross margin of 63% to 65% [2] - The capital expenditure plan for 2026 is set at USD 52 billion to USD 56 billion, representing a 37% increase from 2025 and marking a historical high [2] Project Development - TSMC commenced mass production of 2nm chips in Q4 2025, which is expected to become a core growth driver in the second half of 2026, potentially surpassing the combined revenue of 3nm and 5nm technologies [3] - The company is accelerating capacity expansion in Taiwan, the USA, Japan, and Germany to meet AI-related demand [3] - The first factory in Arizona, USA, began production in 2024, with the second factory completed and the third under construction; the second factory in Kumamoto, Japan, has also started construction, and the Dresden plant in Europe is progressing as planned [3] Market Sentiment - Several brokerages have raised TSMC's target price, with JPMorgan increasing it to NT$2,100 and Goldman Sachs to NT$2,330, citing strong AI demand, improved profitability, and expanded capital expenditure [4] - TSMC's stock price reached a historical high in January 2026, with a total market capitalization exceeding USD 1.8 trillion [4] Future Development - TSMC executives emphasized that AI demand is real and has already yielded financial returns, with clients including cloud service providers and large-scale computing firms [5] - AI-related revenue now accounts for over 10% of TSMC's total revenue, and the company is working to close the supply-demand gap through capacity expansion [5]