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Analyst
Sunny Lin
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 16on tracked calls
- Challenge rate
- 0%none 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 · 0 of 16 challenging
Calendar 2026 Q3
Does that imply for Arizona, the expansion for the second phase will happen very quickly
Show response
Said TSMC is accelerating everywhere including the U.S., and the overseas dilution outlook for the latter five-year period is unchanged.
when we think about 2027 CapEx, should we also consider tool price inflation to be a meaningful variable?
Show response
Gave no 2027 CapEx figure; confirmed tool, material and labor inflation but said most CapEx tracks demand and revenue should outpace CapEx.
Calendar 2026 Q2
Beyond 2026, I think every large client also wonders how aggressive TSMC is planning for CapEx.
Show response
Declined a numerical three-year target but reaffirmed conviction in the AI megatrend and that CapEx will keep rising.
what's your current plan to bring on the capacities in Arizona in the coming few years?
Show response
Confirmed roughly four more fabs (front and back-end) but said the schedule depends on market situation and demand.
Calendar 2026 Q1
how should we think about the revenue growth compared with CapEx growth?
Show response
Wendell said revenue growth has outpaced CapEx growth and expects that to continue, so no sudden surge in capital intensity is expected.
have you started to see some impact of consumer end demand and therefore, on your demand coming from smartphone and PC?
Show response
C.C. Wei acknowledged some softness in price-sensitive PC/smartphone from the memory price hike but said high-end smartphones do better; deferred a more precise full-year number to July.
Calendar 2025 Q4
could you help us understand what this new trend, what's the financial implications?
Show response
Wei attributed sustained node revenue to continuous yearly tech improvement (N2/N2P) drawing successive customer waves, so revenue no longer declines after peak.
any expectations on the revenue contribution from 2-nanometer in 2026?
Show response
Huang said N2 will be a bigger node than N3 from the start but declined a specific revenue percentage, given TSMC's larger overall revenue base.
Calendar 2025 Q3
how should we think about the gross margin impact from 2-nanometer ramp for 2026?
Show response
Wendell Huang said it is too early for 2026 specifics but gave puts and takes: N2 dilution offset by N3 dilution coming down and reaching corporate average during 2026.
now versus the prior rounds of capacity expansions, what is TSMC doing differently versus before?
Show response
C.C. Wei explained the key difference this cycle is paying close attention to customers' customers and their AI applications to judge how AI will grow.
Calendar 2025 Q2
is it fair to assume that you are considering some conservatism for CapEx for this year
Show response
Wendell Huang said TSMC will not hesitate to invest wherever there are business opportunities but is mindful of macro uncertainties, factoring them into its capacity and CapEx planning.
I wonder if you have an update on the cloud AI growth in 2025, which you guided before to be about 100% for 2025
Show response
C.C. Wei reaffirmed very healthy and strong AI demand momentum into 2026 and said TSMC is building many new back-end facilities to expand CoWoS capacity, without updating the ~100% 2025 figure.
Calendar 2025 Q1
To what extent could you pull in the wrap of the original second and third phase?
Show response
C.C. Wei confirmed pull-in efforts (second fab by at least a couple of quarters) but cited Arizona labor shortages and permits, deferring a definite date.
would you be able to sell more value given the stronger onshoring requirements?
Show response
Wendell tied pricing and dilution together, noting overseas dilution stems from cost inflation and tariffs and that value-reflection discussions with customers are ongoing.
Calendar 2024 Q4
are you seeing clients ramping for this year for the Edge AI products maybe into second half?
Show response
C.C. Wei said Edge AI adds 5-10% silicon (not recurring annually) plus node migration and shorter replacement cycles as further tailwinds.
do you think there's still more upside than downside as we go through 2025, or how should we think about the demand
Show response
C.C. Wei implied upside is capacity-constrained and pointed to the mid-40s AI CAGR, but declined to comment on 2026 as too early.
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 | 0%none of 16 questions |
- TSMTaiwan Semiconductor Manufacturing Company Limited · 16 questions0%none 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 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
| 2026 Q3 | 2 | 0%none of 2 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 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capex Investment8
- Demand8
- Cloud & AI4
- Margin3
- Geographic Expansion3
- Revenue Growth3
- Pricing2
- Cost Pressure1
- Innovation & R&D1
- Product Launch1
Show all 11 topics
- Macroeconomic1