TSMC’s Arizona fab posted a Q1 profit of NT$18.8 billion, already surpassing last year’s full-year profit of NT$16.1 billion. Meanwhile, JASM’s Kumamoto fab recorded a NT$900 million profit, marking its first profitable quarter since mass production began at the end of 2024. With advanced process nodes and CoWoS advanced packaging capacity now in severe shortage, TSMC will need to accelerate capacity expansion even more aggressively — even without major price increases — in order to meet customer demand. Under a relatively conservative expansion scenario, overflow orders are already beginning to shift toward Intel and Samsung. $INTC $TSM