Photon Capital - TSMC 3Q26: revenue +41% YoY, 4Q guide about +14% QoQ, capital spending held at $60-64B, N2 capacity to double in 2027
Photon Capital - TSMC 3Q26: revenue +41% YoY, 4Q guide about +14% QoQ, capital spending held at $60-64B, N2 capacity to double in 2027
The week's biggest supplier print, read through its numbers. Photon's digest of TSMC's October 15 results pairs a roughly 14% sequential guide and an unchanged capital-spending plan with two cautions: dollar revenue outgrew wafer shipments because of mix, not price, and packaging expansion should be judged by good packages shipped, not wafers started. It is the demand evidence the AI-spending counter-case has to overcome. Secondary digest; the TSMC press-release link in the post was cut off in the capture.
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The week's biggest supplier print, read through its numbers. Photon's digest of TSMC's October 15 results pairs a roughly 14% sequential guide and an unchanged capital-spending plan with two cautions: dollar revenue outgrew wafer shipments because of mix, not price, and packaging expansion should be judged by good packages shipped, not wafers started. It is the demand evidence the AI-spending counter-case has to overcome. Secondary digest; the TSMC press-release link in the post was cut off in the capture.
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