Analysis: Order Activity Stabilizes After Slight Cooldown

TSMC lifted its 2026 outlook to 30%+ revenue growth with capex at the top of its $52–$56B range, driven by AI chip demand despite supply risks.

TSMC raised its 2026 revenue growth outlook to above 30% YoY and expects Capex at the high end of its $52–$56B range, driven by strong AI chip demand, while also highlighting risks from geopolitical tensions and critical material supply constraints (e.g., helium), with mitigation measures such as inventory buffers and supplier diversification in place. This report accompanies the Industry Performance Data Table.