台积电，挣疯了

Core Viewpoint - TSMC reported a record net profit of NT$452.3 billion for Q3 2025, driven by strong demand from AI investments and major clients like Apple, despite facing challenges from U.S. tariffs and geopolitical tensions [1][2][11]. Financial Performance - Q3 revenue reached NT$989.92 billion, a 30.3% year-on-year increase, with a net profit growth of 39.1% [1][11]. - The gross margin for Q3 was 59.5%, with an operating margin of 50.6% and a net profit margin of 45.7% [11]. - TSMC has revised its full-year revenue growth forecast to 34-36%, up from nearly 30% previously [2][11]. Capital Expenditure - TSMC's capital expenditure for 2025 is projected to be between $40 billion and $42 billion, with an average of $41 billion, reflecting an increase from the previous average of $40 billion [3][12]. - Capital expenditures for Q3 were $9.7 billion, bringing the total for the first three quarters to $29.39 billion [3][12]. AI Market Outlook - TSMC's chairman emphasized the ongoing strong demand for AI-related products, with expectations of maintaining a compound annual growth rate of around 40% for AI business [5][6][9]. - The company is adapting to the evolving AI landscape by enhancing its production capabilities and collaborating closely with clients [9][10]. Global Strategy - TSMC's global expansion strategy is based on customer demand, geographical flexibility, and government support [12]. - The company is accelerating the introduction of advanced processes in its Arizona facility and expanding its operations in Japan and Germany [13][12]. Advanced Process Development - TSMC's 2nm process is set to enter trial production in Q4 2025, with mass production expected next year [13]. - The company is also focusing on advanced packaging technologies to meet increasing demand [13].