TSMC chairman upbeat on growth outlook as stock surges over 150% - Focus Taiwan

At TSMC's annual shareholders' meeting, Chairman and CEO C.C. Wei stated that 2025 was the company's best year on record, with stock prices surging over 150%, revenue and earnings per share hitting al... Read original →

TSMC’s explosive 2025 revenue and stock surge stem from AI-driven, inelastic demand for leading-edge nodes. The reliance on EUV—and nascent High-NA systems—reshapes the entire tech stack: ASML benefits, but EDA and advanced packaging co-design emerge as new bottlenecks. Geopolitical compliance is now baked into operations; yield delays at U.S. and Japan fabs reveal efficiency losses from forced tech diffusion. While Intel pushes IDM 2.0 and Samsung bets on GAA transistors, TSMC leverages customer trust as its moat—but if High-NA EUV remains uneconomical beyond R&D, a cost inflection looms by 2027. Musk’s ‘Terafab’ reflects system vendors’ manufacturing anxiety yet underestimates fab complexity. Over the next 18 months, the industry enters a high-capex, low-margin-error era, where talent shortages and energy-intensive expansion may trigger regulatory scrutiny, especially in Taiwan, China.