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Is the Neocloud Bubble Popping? What TSMC Q3 Tells Us
TSMC just beat the high end of its own guidance, and on the same day CoreWeave’s debt traded at a 15% yield. Here’s how to square the two, and why we’ve been flagging neocloud balance sheet risk for over a year.
Taiwan Semiconductor Manufacturing (TSM) delivered another standout quarter in Q3 2026: $46.7 billion in revenue, a 66% gross margin, and a 58.7% operating margin. Nearly 80% of wafer revenue came from 7nm and below. High-performance computing (HPC) grew 22% sequentially to about 68% of revenue, driven by agentic AI and data center demand. CapEx guidance now sits at $60–64 billion as…
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