Core Viewpoint - TSMC's Q1 revenue increased by 42% year-on-year, reaching approximately NT$285.96 billion, with cumulative revenue for the quarter at NT$839.25 billion (about $25.53 billion), aligning with market expectations despite concerns over potential impacts from new U.S. tariffs [1][2]. Group 1: Revenue Performance - TSMC's Q1 revenue of NT$285.96 billion and cumulative revenue of NT$839.25 billion fell within the company's forecast range of $25 billion to $25.8 billion [1]. - Analysts had initially expected a slight dip in revenue due to the January earthquake, but the actual results exceeded these expectations [1]. Group 2: Market Concerns - Investors are particularly focused on the potential weakening of global chip demand following the implementation of new U.S. tariffs on April 9 [1]. - There is anticipation regarding TSMC's upcoming investor conference on April 17, where the company may revise its annual revenue and capital expenditure targets [1]. Group 3: Competitive Position and Risks - Bloomberg analysts believe TSMC maintains a leading position in advanced process technologies, particularly in 2nm and 3nm nodes, which should mitigate the impact of U.S. tariffs [2]. - However, TSMC faces short-term profit risks due to rising operational costs from rapid overseas capacity expansion, particularly in the U.S., and low utilization rates in mature process technologies [2]. Group 4: Customer Impact - TSMC's major customer, NVIDIA, may have 40% to 60% of its U.S. system products eligible for tariff exemptions, potentially reducing the impact of tariffs [3]. - Despite some products being assembled in the U.S., approximately half of NVIDIA's components are still produced in Asia, particularly Taiwan, which may continue to face tariff risks [3].