The Syndicate Room EP49 — TSMC's Record Quarter: AI Demand Outruns the Supply Chain

The Syndicate Room · Oct 15, 2026

TSMC reported its Q3 2026 results on Oct 15: net profit +68.7% YoY to a record NT$763.06B (~US$24B) and record revenue of NT$1.494T (US$46.72B, +50.9% YoY, +17.6% QoQ), with gross margin holding at 66.4%. Sixth straight record quarter. HPC rose to 68% of revenue and 2nm jumped to 8% of wafer revenue (advanced 7nm-and-below now 79%). CoWoS advanced-packaging capacity is effectively booked into 2027, and 2026 capex is on track for ~US$56B. The constraint has shifted from the transistor to packaging and power. Position before you predict. Educational content only.