Taiwan Semiconductor Manufacturing Co. (TSMC) reported record third-quarter earnings. Net income reached NT$763.06 billion, up 68.7% year over year and above analyst expectations.
Strong demand for advanced chips used in AI applications helped drive the results. TSMC raised its full-year 2026 sales growth forecast from over 40% to approximately 44% in U.S. dollar terms.
The company forecast fourth-quarter revenue of US$52.3 billion to US$54.3 billion. Its outlook was also supported by the rapid commercial production of its 2-nanometer process technology.
Before the earnings release, TSMC shares closed down 2% in Taipei amid a broader selloff in chip stocks.