On October 15, TSMC, the world’s leading chipmaker, announced third-quarter financial results (ended September) that outperformed market expectations, sustaining strong growth momentum despite mounting concerns over the sustainability of long-term AI infrastructure investments. The company’s net profit surged 69% year-on-year to NT$763.1 billion (approximately US$23.6 billion), exceeding analyst projections. This follows TSMC’s earlier revelation of a 51% year-on-year revenue increase for the same period, reaching US$47 billion—also ahead of market forecasts.

TSMC noted that revenue growth has accelerated over the past two quarters, prompting the company to ramp up capacity expansion. Capital expenditures for the year are projected to hit a record US$64 billion. Meanwhile, market expectations for TSMC’s 2027 capital spending continue to climb, with this metric widely regarded as a bellwether for industry health. Goldman Sachs anticipates TSMC’s 2027 capital spending will reach US$85 billion, while UBS forecasts US$90 billion—both surpassing the average institutional survey estimate of US$75 billion.

TSMC is currently undertaking an ambitious expansion, simultaneously constructing and commissioning nearly 20 factories globally—a pace unparalleled in its history. Previously, the company typically advanced construction on just four to five new facilities at a time.