July 13, 2025 09:00 PM GMT TSMC | Asia Pacific Buy into the 2Q25 print; OW 2Q25 preliminary revenue beat in USD: TSMC just reported June sales and its 2Q25 preliminary revenue of NT$933bn was up 11% Q/Q in TWD. Using NT$31.5 as an average FX rate, 2Q USD revenue of US$29.6bn is up 16% Q/Q, which is above 2Q guidance of US$28.4-29.2bn and our +15% Q/Q estimate. From our recent semi field trip, we learned that 3-4% of revenue growth in 2Q25 could be from order pull- in ahead of tariffs. See Exhibit 1 for our ...