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Anything left unsaid, anything that we need to give extra emphasis to. Do you think when it comes to President Trump's criticism of Chair Powell and how this still sits in the market, I was wondering whether we get any clues from what happens at the short end of the U.S. Treasury curve as to how much Fed independence there is, I suppose how much the two moves on criticism from the White House. I think that's a great way to look at it in terms of like we did see the tear come lower but didn't completely coll ...

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Financial Data and Key Metrics Changes - Second quarter revenue increased 11.3% sequentially, supported by strong demand for three nanometer and five nanometer technologies, with a 17.8% increase in U.S. dollar terms to $30.1 billion, exceeding guidance [7][20] - Gross margin decreased by 0.2 percentage points sequentially to 58.6%, primarily due to unfavorable foreign exchange rates and margin dilution from overseas fabs [7][14] - Operating margin increased by 1.1 percentage points sequentially to 49.6%, with EPS up 60.7% year over year and ROE at 34.8% [8][10] Business Line Data and Key Metrics Changes - Revenue by technology: three nanometer contributed 24% of wafer revenue, five nanometer 36%, and seven nanometer 14%, with advanced technologies (seven nanometer and below) accounting for 74% of wafer revenue [8] - Revenue contribution by platform: HPC increased 14% quarter over quarter to 60%, smartphone increased 7% to 27%, IoT increased 14% to 5%, automotive remained flat at 5%, and DCE increased 30% to 1% [9] Market Data and Key Metrics Changes - The company ended the second quarter with cash and marketable securities of NT$2.6 trillion (approximately $90 billion) [10] - Current liabilities decreased by $1 billion quarter over quarter, mainly due to a decrease in accrued liabilities [10] Company Strategy and Development Direction - The company plans to invest a total of $165 billion in advanced semiconductor manufacturing in the U.S., including six advanced wafer manufacturing fabs in Arizona [24][25] - The expansion will enable TSMC to scale up production faster to support leading-edge customers in smartphone, AI, and HPC applications [26][28] - The company aims to maintain a competitive position through technology leadership, manufacturing excellence, and customer trust [22][23] Management's Comments on Operating Environment and Future Outlook - Management expects strong demand for semiconductor technology, particularly in AI and HPC, with a projected 30% increase in full-year 2025 revenue in U.S. dollar terms [22] - There are uncertainties regarding tariff policies and their impact on consumer-related markets, but overall semiconductor demand remains robust [21] - Management remains cautious about the potential impact of macroeconomic factors on future performance [21][47] Other Important Information - The company anticipates gross margin dilution from overseas fabs to be between 2% to 3% annually in the early stages, widening to 3% to 4% in later stages [15] - The sensitivity of revenue to the NT dollar exchange rate is nearly 100%, with a 1% appreciation reducing reported NT revenue by 1% [17][19] Q&A Session Summary Question: Demand outlook for AI and data center - Management noted that AI demand is getting stronger, and they are working to narrow the supply-demand gap [40][42] Question: Gross margin sustainability - Management expressed confidence in maintaining a gross margin of 53% and higher despite structural headwinds from foreign exchange rates and overseas fab dilution [51][76] Question: AI accelerator growth and market potential - Management indicated that while it is too early to revise growth targets, the potential for increased demand from China is positive [54][80] Question: CapEx guidance and future expansion - Management stated that CapEx is aligned with business opportunities and macro uncertainties, with expectations for potential increases in future years [94][95] Question: Advanced packaging and technology prioritization - Management emphasized the importance of customer demand in developing advanced packaging technologies and maintaining flexibility in technology transfer [103][106]

Financial Data and Key Metrics Changes - In Q2 2025, revenue increased by 11.3% sequentially, supported by strong demand for 3nm and 5nm technologies, with a 17.8% increase in USD terms to $30.1 billion, exceeding guidance [6][12] - Gross margin decreased by 0.2 percentage points to 58.6%, primarily due to unfavorable foreign exchange rates and margin dilution from overseas fabs [6][14] - Operating margin increased by 1.1 percentage points to 49.6%, with EPS up 60.7% year-over-year and ROE at 34.8% [7][12] Business Line Data and Key Metrics Changes - Revenue contribution by technology: 3nm accounted for 24% of wafer revenue, while 5nm and 7nm accounted for 36% and 14% respectively; advanced technologies (7nm and below) made up 74% of wafer revenue [7] - Revenue by platform: HPC increased by 14% quarter-over-quarter to 60% of revenue; smartphone revenue increased by 7% to 27%; IoT increased by 14% to 5%; automotive remained flat at 5%; DCE increased by 30% to 1% [8] Market Data and Key Metrics Changes - The company ended Q2 with cash and marketable securities of NT$2.6 trillion (approximately $90 billion) [9] - Current liabilities decreased by $1 billion quarter-over-quarter, mainly due to a reduction in accrued liabilities [9] - Days of inventory decreased by 7 days to 76 days, attributed to higher shipments of N3 and N5 wafers [10] Company Strategy and Development Direction - TSMC plans to invest $165 billion in advanced semiconductor manufacturing in the U.S., including six advanced wafer manufacturing fabs in Arizona [24][25] - The company aims to maintain its technology leadership and manufacturing excellence while expanding its global footprint, including plans for new fabs in Japan and Europe [28][29][30] - TSMC expects gross margin dilution from overseas fabs to be between 2% to 3% annually in the early stages, widening to 3% to 4% in later stages [14] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand for AI and HPC-related products, with expectations for a 30% increase in full-year 2025 revenue in USD terms [21][22] - There are uncertainties regarding tariff policies and their impact on consumer-related markets, but overall semiconductor demand remains robust [21] - Management remains cautious about the future, considering macroeconomic uncertainties while focusing on technology leadership and customer trust [22] Other Important Information - The company generated approximately $497 billion in cash from operations in Q2 and spent NT$297 billion on CapEx [10] - TSMC's capital expenditures for 2025 are expected to remain between $38 billion and $42 billion [12] Q&A Session Summary Question: Demand outlook for data center AI - Management confirmed that demand for AI is stronger than three months ago and is working to narrow the supply-demand gap [37][40] Question: Gross margin sustainability - Management expressed confidence in maintaining a gross margin of 53% or higher despite structural headwinds from FX and overseas fab dilution [46][49] Question: AI accelerator demand and growth - Management noted that while the H20 chip can now ship to China, it is too early to revise long-term growth targets for AI accelerators [50][52] Question: N2 ramp and revenue contribution - Management indicated that N2 profitability is expected to be better than N3, with revenue contributions anticipated to be significant in 2026 [55][82] Question: CapEx guidance and future expansion - Management acknowledged macro uncertainties but indicated that CapEx spending is unlikely to drop significantly in any given year [86][87]

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