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@carrioresearch · 2026-10-15 14:14

$TSM TSMC's 2nm is now big enough to move the mix, and the margins are carrying it. 1. Q3 revenue was US$46.72bn, 2% above the top of the US$44.6–45.8bn range it guided in July. 2. In local currency that's NT$1,494.2bn, up 50.9% from a year ago. 3. 2nm went from 3% of wafer revenue in Q2 to 8% in Q3. 4. With 3nm at 33%, the two newest nodes now make up 41% of wafer revenue, up from 33% a quarter earlier. 5. Gross margin came in at 66.4%, in the upper half of the 65–67% guide. 6. Operating margin did better than that: 58.7%, above the 56–58% range. 7. Net income was NT$763.1bn, up 68.7%, and ahead of the roughly NT$746bn the street was looking for. 8. Gross margin is still 1.3 points below Q2's 67.7%, and 2nm is only partway up its ramp, so the dilution isn't done. 9. Still, a new node going from 3% to 8% in one quarter while operating margin clears the guide says leading-edge pricing is holding up.

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