Taiwan Semiconductor Manufacturing Co LTD

Позитивное:

• Спрос на ИИ и повышение годового прогноза выручки до 44% г/г. Цитата: «demand for our leading-edge technologies continue to be extremely robust, supported by our strong technology differentiation and broader customer base. Therefore, we now expect our full year 2026 revenue growth to be around 44% year-over-year in U.S. dollar term» транскрипт
• Успешный старт массового производства 2-нанометровых чипов (N2). Цитата: «Our new node, N2, has already entered high-volume manufacturing in the fourth quarter of 2025 with good yield. N2 is ramping successfully in multiple phases at both Hsinchu and Kaohsiung site» транскрипт

Негативное:

• Размытие валовой маржи из-за старта N2 и давления зарубежных фабрик (до 3-4% в будущем). Цитата: «We have just guided our fourth quarter gross margin to decrease by 40 basis points to 66% at the midpoint, primarily due to the continued margin dilution from the steep ramp-up of our 2 nanometer technology, as well as dilution from overseas fabs» транскрипт
• Слабость в потребительских сегментах из-за макроэкономики и роста цен на компоненты. Цитата: «we continue to observe consumer and price-sensitive end market segment are being challenged due to the impact of rising component prices and macroeconomic uncertainties» транскрипт