---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/42713380.md"
description: "TSMC 26Q2 First Take: with the AI market in need of a confidence boost, this print is unlikely to satisfy. As the company discloses monthly ops data, revenue came in at $40.2bn, broadly in line with buy-side expectations (~$40bn).Versus the top line, investors focused on gross margin. GPM was 67.7%, at the top end of guidance but slightly below raised buy-side expectations (some aggressive marks were 69%+).Margins are still on an upward trend, driven by higher utilization and pricing. N5 and below have been running at >100% utilization, while rush orders lifted ASPs, with some orders carrying >50% premiums.With fab loading tight, the company has more incentive to lift capex. Management raised capex to $60-64bn (from the higher end of $52-56bn), well above the Street at $58bn. This implies H2 capex of $33.2-37.2bn (+56%-75% YoY), aligning with ASML’s back-half-weighted revenue outlook.On the outlook, next-quarter revenue is guided to $44.6-45.8bn, with GPM at 65%-67%. Since TSMC provided full-year growth guidance, the importance of next-quarter guidance is reduced. Management lifted the FY revenue growth target to 40% (vs. at least 30% prior), slightly above mainstream expectations (35%+).Overall, the market had hoped for a more dazzling report to inject confidence into the AI supply chain, but the print and outlook did not deliver a big beat. Among the metrics, only capex clearly topped expectations, a relative positive for upstream equipment names such as ASML. For more, stay tuned for Dolphin Research’s follow-up take and transcript highlights. $Taiwan Semiconductor(TSM.US)"
datetime: "2026-07-16T07:23:35.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/42713380.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/42713380.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/42713380.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# TSMC 26Q2 First Take: with the AI market in need o…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**