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
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.