$Taiwan Semiconductor(TSM.US), this kind of company, capital simply doesn't allow the slightest flaw in your earnings report. If there's any flaw at all, it'll give you 📉📉📉.
1. Q3 profit margin guidance is lower than Q2.
2. Capital expenditure has increased significantly.
3. Net profit exceeded expectations, but includes a relatively high amount of one-time gains.
4. Inventory and accounts receivable turnover days have risen.
5. HPC and North American customer concentration has further increased.
However, these flaws are not enough to overturn TSMC's growth logic. Q3 revenue guidance still reaches $44.6-45.8 billion, with full-year USD revenue expected to grow slightly above 40%, indicating very strong demand. The current market concern is "whether profit margins and valuation can continue to rise," not "whether TSMC has orders."
Therefore, a more accurate assessment of this earnings report is: strong revenue and core business, strong guidance, but profit quality is not flawless, and future profit margin and cash flow pressures are higher than the market's most optimistic expectations.
