Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

TSMC Q425. CEO "Very Nervous" About An AI Bubble? Yes But...

TSMC: Consensus Revised Up, but Modestly. Stock at Reasonable Valuations

TSMC: Be Patient Beyond the 1H26 Revenue Slowdown

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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<li>Ignore what I wrote yesterday 1) there is no growth slowdown in 1H26  2) TSMC actually provided a 2026 guidance.  </li>
<li>2026 US$-revenues guidance up ~30%. Consensus is at 21%. 1Q26 gross margin guidance: 64%. Consensus is at 59% for FY26. </li>
<li>Long-Term US$-revenue growth revised up from 20% to 25% Cagr (2024 to 2029). AI growth revised up from 40% to 50% Cagr.</li>
</ul>


Ignore what I wrote yesterday 1) there is no growth slowdown in 1H26  2) TSMC actually provided a 2026 guidance.  
2026 US$-revenues guidance up ~30%. Consensus is at 21%. 1Q26 gross margin guidance: 64%. Consensus is at 59% for FY26. 
Long-Term US$-revenue growth revised up from 20% to 25% Cagr (2024 to 2029). AI growth revised up from 40% to 50% Cagr.


TSMC: Revising up – a Lot. Quick Notes on TSMC Before a Long Report.