TSMC (2330, TSM) 3Q26 Summary - Growth intact, profitability less so ☕️ Earnings lukewarm, growth high, margins softer. • 3Q: Rev +16% QoQ / +41% YoY, GM 66.4% (slight miss), EPS NT$29.4
• 4Q guide: Rev $52.3–54.3bn (+14% QoQ / +58% YoY), GM 65–67% softer
• 2027: +39% YoY rev on strong AI demand
• Capex elevated; N2 capacity more than doubles in 2027, A14 ramps faster
• Faster A14 important for mobile customers facing recent SoC challenges in 2nm, but adds margin pressure to TSM
• Any Terafab collab would require TSMC to operate the fab (therefore -> unlikely to happen given Musk’s comments)
• Margins expected largely flattish through 2027–28 on dilution + overseas expansion 💰Slight EPS lift, TP nudged to NT$2,999 (20x 2027E). Hold Rating ! #TSM# #AI# #semi#

many people worry about hynix adr issuing/creation lockup. 1st i don’t see krx doesn’t allow this adr creation. Skm and 017670 premium discount only about 1%. So there is no regulation barriers like tsm and 2330. Usually adr creation will be opened in weeks unless it is written in S1 for longer specified days or forever.

$TSM (Bloomberg) -- TSMC forecast sales for the fourth quarter; the guidance beat the average analyst estimate. FOURTH QUARTER FORECAST •Sees sales $52.3 billion to $54.3 billion, estimate $50.35 billion (Bloomberg Consensus) •Sees gross margin 65% to 67%, estimate 66.1% •Sees operating margin 56.5% to 58.5%, estimate 58% THIRD QUARTER RESULTS •Net income NT$763.1 billion, estimate NT$739.49 billion •Gross margin 66.4%, estimate 66.5% •Operating profit NT$876.45 billion, estimate NT$854.35 billion •Operating margin 58.7%, estimate 58.1% •Sales NT$1.49 trillion, estimate NT$1.46 trillion COMMENTARY AND CONTEXT •Forecasts Based on NT$31.8 Per US Dollar •Still Sees 2026 Capex Between $60B-64B NOTE •For Bloomberg Consensus estimates used in this story see: 2330 TT Equity MODL •39 buys, 2 holds, 0 sells

$QCOM says HBC can deliver 6x the bandwidth of HBM at the same power. Samsung Electronics and SK hynix are developing HBC alongside their HBM roadmaps. First-generation HBC is under validation in Qualcomm’s labs and is scheduled to ship with its AI250 accelerator in 2027. HBC stacks LPDDR dies above the XPU compute die using TSVs. Qualcomm designs the compute die and TSV architecture, the Korean memory makers stack the DRAM, and TSMC (2330 TT) handles integration and packaging. Qualcomm also claims 6x the token throughput efficiency of HBM at the same power. A second generation is planned for the AI300 in 2028.

Takeaways of Intel (INTC) 2Q26 earnings note •TP to $136 (5x 2027E BVPS / 34x 2028E EPS) •2Q26 the strongest rev growth in 15+ years of $16.1B, beat estimates (consensus $14.3b, GFe $14.8b) •Strong 3Q guidance of Rev $16.3b (vs consensus $15.1b, GFe $16.2b). GM guide of 42% (vs consensus 40%, GFe 42.2%). Foundry Accelerating: •Foundry business gaining strong traction with sound execution •18A yields ahead of internal targets; Panther Lake inline with our ~80% view •Intel 18A-P entered risk production — competitive node for external customers (e.g. Apple M-series highlighted in Dec 2025) •14A clear timeline: PDK 0.9 by Oct, risk production + external customer volume in 2H28 •Robust pipeline, especially Apple smartphone & server CPUs •Aggressively raising 2026 capex >$20B, with significantly higher 2027 capex — big capacity buildout for 14A/18A/Intel 3, inline with our earlier note of a Big Lift in Capacity •On track for profitability in 2H27 driven by yield + scale Other Highlights: •Upward EPS revisions (+3% 2026E / +11% 2027E) 🆚 Per our earlier TSMC (2330 TT) Downgrade note on July 16, we note that TSMC’s capex acceleration was late in this AI cycle, leaving room for Intel, which also backed by Made in U.S. and improving execution. #Intel# #INTC# #Semiconductors# #Foundry#

$TSM (Bloomberg) -- Taiwan Semiconductor Manufacturing Co. is expected to report more than 60% growth in quarterly profit Thursday, though investors will likely focus on the outlook for AI spending and demand in 2027. TSMC reports July-to-September earnings a day after major supplier ASML Holding NV warned of a potential shortfall of its lithography systems used for chipmaking in coming years. That’s stoking worries about disruptions to the global AI buildout, the main source of TSMC’s growth. Read More: ASML Says It Can’t Keep Up With AI Demand for Chip Tools THIRD QUARTER •Net income estimate NT$739.49 billion (Bloomberg Consensus) •Gross margin estimate 66.5% •Operating profit estimate NT$854.35 billion •Operating margin estimate 58.1% •Sales estimate NT$1.46 trillion FOURTH QUARTER •Sales estimate $50.35 billion •Gross margin estimate 66.1% •Operating margin estimate 58% ANALYST COMMENTARY Bloomberg Intelligence: TSMC’s 3Q revenue of about $46.7 billion surpassed guidance of $44.6-$45.8 billion by 2% as AI accelerator and server-processor demand kept leading-edge capacity full. The beat could lift gross margin to the upper end of the 65-67% guidance range, given management topped its margin range in 1Q and 2Q and higher volume helps absorb the 3-4-point drag from the 2-nanometer ramp-up.  •The key number to watch now is 4Q guidance: the full-year target of slightly above 40% growth implies only mid-single-digit sequential expansion, so a raise toward the mid-40s may be needed to meet expectations. •The bigger 3Q questions are about 2027. TSMC’s Arizona expansion, a possible Texas hub and Terafab talks could shape capex and overseas margin dilution, while Taiwan reports point to 3-6% wafer-price increases. Updates on the next-generation A14 processing node and advanced packaging should also clarify TSMC’s response to Intel’s challenge. DATA •For Bloomberg Consensus estimates used in this story see: 2330 TT Equity MODL •Bloomberg Intelligence, Oct. 1: TSMC US Fab Plans, Intel Packaging Rivalry in Focus: 3Q Preview •39 buys, 2 holds, 0 sells •Avg PT NT$3,330 (31.9% upside from current price) •Implied 1-day share move following earnings: 3.1% •Shares up 76.0% in past year vs TWSE Index up 79.6%

Today's Key Events (All EST) — 10/15/2026 08:30: US PPI Inflation data 08:30: US Retail Sales 08:30: US Initial Jobless Claims 08:30: NY Fed Manufacturing 08:30: US Philly Fed Business Index 16:30: Fed's Hammack 23:30: Fed's Warsh Before Open 👇 03:00: Taiwan Semiconductor Manufacturing Company (TSM) 06:30: PNC Financial Services Group (PNC) 06:30: First Horizon (FHN) 06:35: The Bank of New York Mellon (BNY) 06:45: Commercial Metals (CMC) 06:45: U.S. Bancorp (USB) 07:00: Marsh (MRSH) 07:30: The Charles Schwab (SCHW) 07:30: ManpowerGroup (MAN) 08:00: Prologis (PLD) 08:00: Bank7 (BSVN) 09:15: Wipro (WIT) BMO: Telefonaktiebolaget LM Ericsson (ERIC) After Hours 👇 16:00: Interactive Brokers Group (IBKR) 16:00: Community West Bancshares (CWBC) 16:05: J.B. Hunt Transport Services (JBHT) 16:10: Alcoa (AA) 16:10: Independent Bank (INDB) 16:30: Cohen & Steers (CNS) 16:35: Simmons First National (SFNC) 16:50: Loop Industries (LOOP) 17:00: WaFd (WAFD) AMC: Wise Group plc (WSE)

NY-18 POLL By PPP (Dem) 🟦 Pat Ryan (inc): 52% 🟥 Jackie Auringer: 35% —— Generic Ballot 🟦 Democrat: 51% 🟥 Republican: 42% 2024 recall: Harris 48-45 | 9/23-30 | LV

saw two kids running an "AI-powered lemonade stand" had to try it out they had two pricing tiers, "free" and "ultra" i asked what was in the free tier and they said they'd just give me the lemonade after reading 23 30-second ad spots i was kind of in a hurry, so i signed up for the ultra tier instead. came with 100x more usage as i was drinking from the cup, they slapped the drink out of my hands and told me i had reached my usage limit luckily, one of them decided to reset the limit so i could finish the rest of the lemonade i invested $1 million on the spot, and they're interviewing with YC tomorrow don't let anyone tell you kids aren't pushing the frontier of what's possible with AI

The bond market is putting its pressure on the next 2 years, not the next 30. Roughly one month of change in yields: • 2 year: up 48 basis points • 5 year: up 41 • 10 year: up 23 • 30 year: up 1 Bear flattening. Short rates rising faster than long ones. Policy response = money printer. $BTC "That means increased liquidity. That means Bitcoin, historically, NGU." @AdamBLiv