Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

TSMC 2Q25 Takeways: Undervalued Op Leverage and Capacity Strain Setting Up 2026 N2 Growth Suprise

TSMC (2330.TT) Outlook Post Strong Q2: Our Model Says "EXTREME OVERBOUGHT CONDITION"

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

TSMC (2330.TT; TSM.US): The 3Q25 Outlook Suggests Modest Growth, but FX Could Pose a Headwind.

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

TSMC (2330.TT; TSM.US): Halts GaN Production at Fab 5, Shifting to Advanced Packaging.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>3Q25 Guidance: Revenue: US$31.8–33.0 billion (approx. 8% QoQ growth); Gross Margin: 55.5–57.5%; Operating Margin: 45.5–47.5%.</li>
<li>Despite FX headwinds, TSMC aims to maintain gross margin ≥ 53%  </li>
<li>Driven by strong demand in AI (including sovereign AI) and HPC; Full-year USD revenue growth outlook raised to ~30% YoY.</li>
</ul>


3Q25 Guidance: Revenue: US$31.8–33.0 billion (approx. 8% QoQ growth); Gross Margin: 55.5–57.5%; Operating Margin: 45.5–47.5%.
Despite FX headwinds, TSMC aims to maintain gross margin ≥ 53%  
Driven by strong demand in AI (including sovereign AI) and HPC; Full-year USD revenue growth outlook raised to ~30% YoY.


TSMC (2330.TT; TSM.US): FX Could Make an Impact; Full Year USD Revenue Raised to ~30% YoY.