台积电：云人工智能的关键赋能者，2026 年销售额与资本支出有望大幅增长

ab 16 October 2025 Global Research Taiwan Semiconductor Manufacturing Key enabler of Cloud AI: strong sales & capex upside for 2026F More robust Cloud AI outlook In line with our preview, TSMC raised full-year sales growth (US$) guidance to mid-30% and capex to US$40-42bn. Q4 sales guidance of a 1% QoQ decline (US$) at the mid- point is roughly in line with buy-side expectations of flat QoQ. Q3 GM of 59.5% (UBSe 57.5%) was a strong beat due to cost reduction and improved utilisation, and TSMC guided Q4 GM t ...