Core Insights - The air demand is not plateauing despite ongoing discussions about it, with revenues showing a significant increase of approximately 17% in local currency and 22% in US dollar terms for October, aligning with previous guidance [1] - TSMC is experiencing its largest revenue month of the year to date, indicating continued growth and strong performance [2] - The primary challenge for TSMC in the upcoming 6 to 12 months is the need to bring additional capacity online quickly to meet external demand, which may be difficult to achieve [3] Industry Dynamics - Executives are optimistic despite some perceived soft numbers, as companies like OpenAI, Microsoft, and Google are investing heavily in infrastructure, particularly in Nvidia and other accelerated chips, with TSMC being a critical supplier [4] - High capital expenditure (CapEx) spending in the industry is expected to continue for the next 12 months or longer, although there are concerns about the revenue generation capabilities of companies like OpenAI, which could impact the CapEx model [5] - Rising competition in the semiconductor space is noted, with TSMC's capacity being in high demand from both established and emerging competitors, indicating a more competitive landscape [6]

Gold Market - Gold prices experienced significant volatility in October but achieved a third consecutive monthly gain, closing down about 0.5% while remaining above the 4,000 mark, with total gains of just under 4% for the month [2] - Year-to-date, gold has increased by 50%, reaching a record high of 4,381.21 on October 20th [2] - Analysts and traders expect gold prices to average $4,275 in 2026, a sharp increase from the previous estimate of $3,400 just three months ago [3] Data Storage Companies - Seagate and Western Digital reported stellar earnings, significantly benefiting from the AI infrastructure buildout, with both companies surging over 200% year-to-date [4][5] - These companies rank as the second and third highest percentage gainers on the S&P 500 this year, highlighting their impressive performance relative to the broader market [5] Nvidia Developments - Nvidia announced a deal to supply over 260,000 accelerated chips to South Korea, including major companies like Samsung, as part of efforts to expand globally [6] - The deal is considered a watershed moment for the tech industry, with Nvidia recently becoming the first company to reach a $5 trillion market cap [7] Upcoming Earnings Reports - Palantir and Hims and Hers are set to report earnings soon, with Palantir expected to show a profit of 17 cents per share, a 68% increase year-over-year, and revenue projected to reach approximately $1.092 billion [9] - AMD's upcoming report is highly anticipated due to a 60% increase in October following a deal with OpenAI, with the market keen to see if AI infrastructure demand can sustain its rally [11] - McDonald's earnings report will provide insights into consumer behavior, especially in light of recent trends observed by Chipotle regarding consumer spending amid economic uncertainties [12][13]