Macquarie: TSMC's recent profit margin may have peaked in the first quarter

老虎证券2026/04/10 04:07

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They wrote that, driven by ongoing AI demand and its leading position in advanced nodes, this chip manufacturer may provide guidance for quarter-on-quarter revenue growth in the second quarter. They stated, however, that as this Taiwanese company expands its 3-nanometer chip production capacity and its 2-nanometer chips enter mass production, its profit margin in the first quarter may face some pressure. Meanwhile, external cost pressures may persist, with geopolitical disruptions leading to higher average chemical prices. Macquarie expects TSMC's gross margin to decrease from an estimated peak of about 64% in the first quarter to around 62.4% in the second quarter. Nevertheless, these analysts believe TSMC's long-term growth fundamentals remain solid.

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Duan Yongping has made it clear that he will not sell Nvidia and sold a large number of put options on the day the news was released. Nvidia may invite Jensen Huang to serve as an advisor, taking on a “shadow CEO” role to retain his influence, but he would no longer have signing authority. Whether this scenario materializes will likely only become clear after the hearing concludes.

华尔街见闻•2026/11/13 07:48