TSMC 2Q'26: Stratospheric Margins Amidst the AI Super Cycle

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TSMC, which is perhaps the most mission-critical company on earth, is dealing with almost embarrassing amount of riches as their customers (and customers’ customers) cannot seem to get enough of their advanced chips. In the last semi up cycle, TSMC peaked at low 60s gross margin. In 2Q’26, their OPERATING margin crossed the 60% threshold!

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