TSMC(US:TSM) 剑道电子·2025-10-22 11:43Core Viewpoint - The report highlights the strong demand for AI computing power and storage, which has led to TSMC's revenue exceeding expectations, despite a general decline in market risk appetite [3]. Market Performance - In the past week, the Shanghai Composite Index fell by 1.47%, while the electronics sector dropped by 7.14%. Sub-sectors such as optical optoelectronics and consumer electronics saw declines of 6.23% and 9.10%, respectively [3]. - The Hang Seng Tech Index decreased by 7.98%, while the Philadelphia Semiconductor Index and Taiwan Information Technology Index increased by 5.78% and 0.27%, respectively [3]. Earnings Season Insights - As the third quarter of 2025 earnings season approaches, there is a noted decline in market risk appetite due to previously high consensus on AI themes and significant upward revisions in earnings forecasts for leading companies. This, combined with ongoing US-China tariff disputes, has led to increased volatility in the tech sector during the earnings verification period [3]. - TSMC's recent earnings call indicated that AI demand remains strong and has exceeded prior expectations [3].