X @郭明錤 (Ming-Chi Kuo)

TSMC announced 2026 capex of US$52–56bn at today’s earnings call, with strong Nvidia demand as the key driver.1. Ahead of the call, sell-side analysts and media generally expected 2026 capex of US$45–52bn, while the buy side was already at US$53–56bn.2. TSMC is typically conservative on capex guidance, so final 2026 spending is very likely to beat buy-side pre-call expectations.3. Most customers negotiate for guaranteed capacity. Nvidia CEO Jensen Huang negotiates for land. In November last year, he visited ...