TSM Research Note — Proof Meets Expectations
TSMC delivered the operating evidence. September will test whether investors still reward it.
TSM
TSM Deep Coverage Review — Analysis as of August 14, 2026
TSMC’s operating record remains strong, while weak reactions to good AI-infrastructure news raise the burden of proof for September.
TSM Research Note — Capacity Meets the Macro Test
TSMC’s margins and revenue remain strong today, while macro risk and capital conversion define the next test for the foundry’s premium valuation.
TSM Deep Coverage Review — Analysis as of August 7, 2026
TSMC’s operating record remains strong, while CPI, parity and capital conversion define the next test for its record margin and full utilization.
TSM Research Note — Capacity Faces the Proof Test
TSMC’s margins and revenue remain strong, but the $60–64 billion capital program puts utilization and conversion at the center of the thesis.
TSM Deep Coverage Review — Analysis as of July 31, 2026
TSMC’s operating record remains strong, but its $60–64 billion capital plan raises the hurdle for utilization, margins and returns through the N2 cycle.
TSM Research Note — Foundry Strength Under Pressure
TSMC’s record profitability and pricing power face weak semiconductor breadth, customer concentration and a persistent geopolitical discount.
TSM Deep Coverage Review — Analysis as of July 23, 2026
TSMC’s record margins and pricing power support the foundry thesis, while weak semiconductor breadth and geopolitical risk widen the valuation range.