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Analyst
Bruce Lu
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters).
- Questions
- 12on tracked calls
- Challenge rate
- 42%5 of 12 questions
- Companies
- 1questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 12 of 12 questions from 1 company
TSMTaiwan Semiconductor Manufacturing Company Limited12 questions · 6 reporting periods · 5 of 12 challenging
Calendar 2026 Q1
do you believe the current profitability fully reflects TSMC's value?
Show response
C.C. Wei reframed to pricing strategy and customer partnership rather than a profitability benchmark, stressing customers must succeed and TSMC earns its value alongside them.
Do we see the changes for the AI accelerated revenue growth in the coming years?
Show response
C.C. Wei maintained the AI accelerator outlook toward the higher-50s CAGR, citing continued strong demand and positive customer signals.
Calendar 2025 Q4
in your assumption when you provide 50% plus AI revenue growth, what kind of token consumption you can support?
Show response
Wei couldn't quantify tokens or gigawatts but stressed TSMC wafer supply, not power, remains the binding AI bottleneck, reinforcing the demand backdrop.
can we do 3 years $200 billion of CapEx for the next 3 years. The math sounds doable.
Show response
Huang confirmed next-3-year CapEx will be significantly higher than the prior $101 billion but declined to confirm the $200 billion figure.
Calendar 2025 Q3
the token growth seems to be substantially higher than the AI-related revenue guidance on TSMC
Show response
C.C. Wei said node migration plus customer design improvements let TSMC's mid-40s CAGR meet exponential token growth; the analyst confirmed the conclusion.
what's TSMC's view for the AI infrastructure growth for the next 5 years?
Show response
C.C. Wei gave a mid-40s CAGR aligned with major customers' forecasts, said token growth is exponential, and deferred an exact number to next year.
Calendar 2025 Q2
what's the revenue contribution you expect for the N2 ramp for next year?
Show response
C.C. Wei said the N2 ramp profile mirrors N3 and is constrained by fab build and capacity, but revenue contribution will be bigger given N2's higher pricing versus N3.
So it becomes like super tight for the N3 for the coming years. So does that mean that N5 will be lower utilized
Show response
C.C. Wei said N3 will remain very tight for a couple of years and N5 is also very tight, with the company converting N7 to N5 and N5 to N3 to meet demand.
Calendar 2025 Q1
Do we have enough other customer and demand to keep our advanced node capacity fully utilized?
Show response
C.C. Wei declined to quantify the buffer or comment on specific customers, but said the impact was already factored into the full-year outlook.
Do we consider to slowdown the capacity expansion in Japan or Europe?
Show response
C.C. Wei firmly ruled out slowing Japan/Germany plans, citing specialty-technology demand, but withheld details on the relocation approach as confidential.
Calendar 2024 Q4
which is understandable, but I think the price negotiation is pretty much done. What's the discrepancy here?
Show response
Wendell Huang held the 53%-and-higher target, citing overseas dilution and macro uncertainty; Bruce pushed back that value is rising.
When can we see non-AI applications such as servers, smartphone or anything else
Show response
C.C. Wei repeatedly answered only 'It's coming' without a timeline when pressed on non-AI CoWoS adoption.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| TSM Taiwan Semiconductor Manufacturing Company Limited | 12 | 42%5 of 12 questions |
- TSMTaiwan Semiconductor Manufacturing Company Limited · 12 questions42%5 of 12 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q1 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q1 | 2 | 50%1 of 2 questions | 1 |
- 2024 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q32 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q12 questions · challenge rate 50% (1 of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand6
- Cloud & AI4
- Capex Investment4
- Revenue Growth3
- Margin2
- Pricing2
- Supply Chain2
- Capital Allocation1
- Innovation & R&D1
- Product Launch1
Show all 14 topics
- Regulation Policy1
- Macroeconomic1
- Geographic Expansion1
- Competitive Dynamics1