Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years experience researching capital markets across Asia and the USA.

Managing Director, Zero One

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Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>3Q26 revenue of US$46.7bn came in 2% above the top of the guide; 4Q26 is guided up 14% QoQ to US$52.3-54.3bn and full-year growth to around 44%.</li>
<li>Management expects 2nm capacity to more than double in 2027 and added three 3nm fabs; demand is still far above what TSMC can supply.</li>
<li>Gross margin held 66.4% through the 2nm ramp; our FY26E sits at the top of the 4Q guide and we keep the NT$2,920 target price and Structural Long rating.</li>
</ul>


3Q26 revenue of US$46.7bn came in 2% above the top of the guide; 4Q26 is guided up 14% QoQ to US$52.3-54.3bn and full-year growth to around 44%.
Management expects 2nm capacity to more than double in 2027 and added three 3nm fabs; demand is still far above what TSMC can supply.
Gross margin held 66.4% through the 2nm ramp; our FY26E sits at the top of the 4Q guide and we keep the NT$2,920 target price and Structural Long rating.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Stay Long TSMC (3Q26 Earnings): 2nm Capacity to Double in 2027 as Demand Still Runs Ahead of Supply