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TSMC Revenue Sets New Record: Quarterly Figure Surpasses $26.8 Billion, AI Boom Drives Over 36% YoY Growth

Core Overview: Revenue Soars Past the $26 Billion Mark with Strong Growth Momentum According to the latest data from DataTrack, TSMC's revenue for the quarter ending September 30, 2024, reached $26.854 billion. This represents not only a 14.1% growth compared to the previous quarter's $23.527 billion but also a massive surge of 36.6% compared to the same period last year. These figures indicate that TSMC has shaken off the gloom of semiconductor inventory adjustments and, driven by the AI supercycle, has pushed its revenue scale to new heights, continuously consolidating its position as the global wafer foundry leader. Key Details: Advanced Processes and HPC Act as Dual Engines An in-depth analysis of the revenue structure reveals that advanced processes (7nm and below) remain the primary profit drivers. According to market information and earnings call data, the revenue contribution from the 3nm (N3) process has significantly risen to around 20%, becoming the key driver for quarterly revenue growth; meanwhile, the 5nm (N5) process continues to maintain a high level of contribution. Furthermore, benefiting from aggressive orders from customers like NVIDIA and AMD, the revenue share of the High-Performance Computing (HPC) platform has surpassed 50%, officially overtaking smartphones to become TSMC's largest revenue source, indicating that demand for AI infrastructure is in a period of high-speed expansion. Deep Attribution: AI Demand is "Real," Capacity Utilization Fully Loaded The main reason for this revenue explosion is exactly as TSMC Chairman C.C. Wei stated: "AI demand is Real." Global Cloud Service Providers (CSPs) and tech giants are competing to build AI servers, leading to demand for CoWoS advanced packaging and advanced logic chips far exceeding supply. Analysis from Bloomberg and multiple investment banks points out that TSMC, leveraging its exclusive dominance in advanced packaging technology, has successfully converted this "selling shovels" dividend into substantial revenue, and the recovery in capacity utilization has further optimized gross margin performance. Outlook and Risks: Short-term Supply Tightness, Medium-term Geopolitical Focus Short-term (1-2 months): Looking ahead to the fourth quarter, the market generally expects revenue to remain at high levels or even set new highs. As iPhone 16 volumes ramp up and AI chips continue to ship, capacity utilization for advanced processes will remain tight, with the speed of CoWoS capacity expansion remaining the key factor affecting the shipment ceiling. Medium-term (3-6 months): Entering 2025, the focus will shift to mass production preparations for 2nm (N2) and the increase in Capital Expenditures (CapEx). However, investors need to be aware of potential risks, including geopolitical changes following the inauguration of the new U.S. government, uncertainties regarding antitrust investigations, and potential pressure on gross margins from electricity price hikes in Taiwan. Web Search References https://www.tsmc.com/static/english/investorRelations/quarterlyResults/2024/q3/p76_3Q24EarningsTranscript_E.pdf https://www.nasdaq.com/articles/tsmc-shatters-q3-estimates-36.5-percent-revenue-increase https://seekingalpha.com/news/4159570-taiwan-semiconductor-q3-beats-estimates-raises-outlook-boosted-by-ai-megatrend