Taiwan Semiconductor Manufacturing Company Limited (TSM)
Recap: Q1 2026
The Guidance Ceiling Was the Floor: 66.2% Gross Margin, Agentic AI Names the Next Wave, and the FY26 Guide Gets Raised — Maintain Outperform
Flashcap: Q1 2026
66.2% Gross Margin and a 10% Sequential Q2 Guide Signal AI Demand Escape Velocity — Buy the Sell-Off
Recap: Q4 2025
FY25 Closes With a 62.3% Margin Print and a $56B Capex Bet on 2028: The AI Foundry Thesis Is Now a Multi-Year Capacity Commitment — Maintain Outperform
Recap: Q3 2025
Gross Margin 200bps Above Guide, FY25 Raised to Mid-30s, Overseas Dilution Cut in Half — Maintain Outperform
Recap: Q2 2025
Guide Raised to 30%, HPC at 60%: The AI Foundry Thesis Just Got Louder — Maintain Outperform
Recap: Q1 2025
The AI Foundry Is Earning Through the Tariff Storm: Initiating Coverage of TSMC at Outperform