TSMC(US:TSM) Jing Ji Guan Cha Wang·2026-02-12 17:43Financial Performance - TSMC reported Q4 2025 revenue of $33.73 billion, a year-on-year increase of 25.5%, with net profit around $16 billion, up 35%, and a gross margin of 62.3% [2] - For Q1 2026, TSMC provides an optimistic revenue guidance of $34.6 billion to $35.8 billion, with a gross margin expected between 63% and 65% [2] Capital Expenditure - TSMC's capital expenditure budget for 2026 is projected to be between $52 billion and $56 billion, a significant increase of approximately 37% from $40.9 billion in 2025, marking a historical record for the company [3] Product Development - TSMC's 2nm process has commenced mass production as scheduled in Q4 2025, with good yield performance. Revenue from 2nm is expected to surpass that of 3nm and 5nm combined by Q3 2026, becoming a core growth driver [4] Pricing Strategy - TSMC plans to increase advanced process pricing for four consecutive years from 2026 to 2029, with a single-digit percentage increase expected in 2026 to reflect rising costs and tight capacity [5] Project Progress - In Arizona, the first factory began mass production in Q4 2024, the second factory is completed and set for mass production in H2 2027, and the third factory is under construction [6] - In Kumamoto, Japan, the first factory is set to begin mass production by the end of 2024, with the second factory already under construction [6] - In Dresden, Europe, a joint venture factory is progressing as planned, with mass production timing dependent on customer demand [6] - In Taiwan, multiple 2nm wafer fabs in Hsinchu and Kaohsiung are in preparation to strengthen advanced process advantages [6] Market Outlook - AI demand remains strong, with AI-related revenue accounting for over 10% of total revenue, and customer confirmation of demand authenticity [7] - Several brokerages, including JPMorgan and Goldman Sachs, raised TSMC's target price in January 2026, citing revenue growth potential and margin improvement [7] - TSMC's stock price reached a record high of $341.64 in January 2026, with a total market capitalization exceeding $1.7 trillion [7]