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Analyst
Gokul Hariharan
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 16on tracked calls
- Challenge rate
- 19%3 of 16 questions
- Companies
- 1questioned at least once
- Reporting periods
- 8with 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 16 of 16 questions from 1 company
TSMTaiwan Semiconductor Manufacturing Company Limited16 questions · 8 reporting periods · 3 of 16 challenging
Calendar 2026 Q3
any engagement with SpaceX or Tesla, given your customer did call you out last week
Show response
Confirmed Texas evaluation and talks with the Terafab customer about using that capacity, but said nothing is concluded yet.
can we start getting wafer capacity growth closer to 10% or even higher than 10% in the next couple of years?
Show response
Declined to give a capacity growth figure; said the demand-supply gap is still big and advanced-node additions drive capacity growth.
But all these are going to be TSMC-run fabs, right? I think you are not becoming part of the Terafab project
Show response
Said the structure is still under discussion but any fab must be run by TSMC.
Calendar 2026 Q2
could you talk a little bit about the philosophy of how you are expanding capacity?
Show response
Explained top-down/bottom-up demand assessment, discounting aggressive customer forecasts, and checking data-center progress to avoid inventory buildup.
you are no longer the most profitable semiconductor manufacturing company at this point in time.
Show response
Said TSMC earns its value and keeps gross margin sufficient for sustainable expansion without squeezing customers; jealous of memory makers' 86% margins.
Calendar 2026 Q1
what is TSMC's response here now that they are also trying to kind of build chips on their own?
Show response
C.C. Wei called Intel a formidable competitor but stressed foundry has no shortcuts; TSMC is confident in its technology position and works to capture every piece of business.
what is your expectation that how long this supply constraint is likely to last?
Show response
C.C. Wei said fabs take 2-3 years to build, so supply stays very tight into 2027; TSMC is adding three new N3 fabs to meet demand.
Calendar 2025 Q4
How should we think about U.S. expansion in principle over the next few years?
Show response
Wei confirmed accelerated Arizona expansion and a second land purchase but gave no firm timeline for reaching ~30% of advanced capacity in the U.S.
Could you give us a little bit more color on what you're hearing from your customers' customers on demand
Show response
Wei addressed the AI-bubble concern directly, citing months of checks with cloud customers and their strong financials as evidence demand is real.
Calendar 2025 Q3
I think last year, we talked about mid-teens revenues. Where do we end up this year?
Show response
C.C. Wei acknowledged front-end and back-end capacity is very tight and they are working to narrow the gap, but deferred exact CoWoS numbers to next year.
in this cycle, TSMC revenues have grown 50% from the previous peak in '22, CapEx has only grown about 10%
Show response
Management reaffirmed the discipline that revenue growth outpaces CapEx but declined to give a numerical 2026 CapEx figure, deferring to January.
Calendar 2025 Q2
near term, your 4Q looks like you're expecting revenue to decline. Is that based on what your customers are telling
Show response
C.C. Wei attributed the implied fourth quarter softness to tariff and macro uncertainty, framing the guidance as deliberate conservatism rather than customer weakness.
Calendar 2025 Q1
Could you talk a little bit about how you see demand versus supply?
Show response
C.C. Wei directly confirmed CoWoS remains fully loaded and capacity must double, expecting a more balanced supply-demand picture into 2026.
What is TSMC's impression of what is required over the next two, three years
Show response
Wendell framed pricing as a continuous value-reflection process tied to geographic flexibility but gave no specifics beyond 'so far so good.'
Calendar 2024 Q4
would you consider investing in latest node in the US because so far it has been N minus 1.
Show response
C.C. Wei answered directly: leading nodes ramp first in Taiwan for R&D proximity, not because of certification; the IDM-takeover part was deflected.
Is it realistic that we can get to more than 60% gross margin in this upcycle?
Show response
Wendell Huang gave a conditional answer tied to utilization; declined to break down US fab cost beyond the 2-3% dilution figure.
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 | 16 | 19%3 of 16 questions |
- TSMTaiwan Semiconductor Manufacturing Company Limited · 16 questions19%3 of 16 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 | 0%none of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q1 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q2 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q3 | 3 | 0%none of 3 questions | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q32 questions · challenge rate 0% (none 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
- 2026 Q22 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q33 questions · challenge rate 0% (none of 3 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capex Investment8
- Demand7
- Geographic Expansion5
- Cloud & AI5
- Margin2
- Pricing2
- Supply Chain2
- Competitive Dynamics1
- Guidance Reliability1
- Innovation & R&D1