TSMC anticipates 2Q26 revenue to increase by 11% QoQ and 3Q26 revenue by 13% QoQ, exceeding consensus estimates. The company expects to raise its full-year revenue guidance to over 30% YoY, driven by sustained leading-edge utilization for AI accelerators and larger on-chip memory. TSMC plans aggressive N2/N3/CoWoS ramps in 2026-27, with 2026 capex at the upper end of guidance at US$56 billion, and 2027 capex estimated at US$73 billion, potentially capped by EUV supply.
TSMC's aggressive capex and capacity ramps confirm AI demand is locking up advanced foundry and packaging capacity through 2027, with EUV supply emerging as a binding constraint.