October Revenue of NT$586.8 Billion Sets Monthly Record
TSMC reported October consolidated revenue of NT$586.8 billion, up 14.7% from the previous month and 59.7% from a year earlier, setting a new single-month record. Analyst Lin Hanwei said that as global market concerns have risen over whether AI capital expenditure is slowing and data center buildouts may be delayed, the revenue result provides an important fundamental reference, showing AI-related demand remains quite resilient. Lin Hanwei stressed that observing TSMC should not focus only on the monthly revenue growth rate, but also on the significance of setting records at its scale. TSMC is already the global semiconductor leader, and delivering both MoM and YoY growth on its huge revenue base indicates demand for advanced processes and related businesses remains strong. With October entering the fourth quarter, if revenue continues the current trend, fourth-quarter performance deserves continued market attention.
AI Concerns Need to Be Cross-Checked Against Revenue Data
Recently, global markets have raised concerns about the AI industry, including whether Big Tech capital expenditure on AI is slowing, whether 2028 data center buildout plans could be delayed, whether massive AI investments can generate sufficient economic returns in the future, and whether news and market sentiment around international tech giants could affect AI supply-chain valuations, all of which at one point shook confidence in the AI supply chain. Lin Hanwei believes TSMC's latest revenue data at least conveys one important message, that AI-related demand has not cooled sharply as feared. Judging from continued record revenue, customer orders and capacity demand remain promising. In other words, market concerns about the AI industry must be cross-checked against actual operating data, and the long-term growth trend of the AI industry cannot be assumed to have changed simply because of individual bearish news.
Stock Rebound Focuses on NT$2,500 Gap and Quarterly Line
On the technical side, Lin Hanwei maintained his view on a continued rebound in TSMC. He noted on the "Decisive Key Moment" program that after TSMC previously plunged to limit-down and panic intensified, the stock rebounded in succession, showing buying interest had begun to emerge at lows. The next key levels to watch are the bearish gap near NT$2,500; if this rebound can further fill that gap, it would help improve market views on the overall Taiwan stock trend. In addition, TSMC's quarterly moving average was then around NT$2,417, and whether it can effectively move above the quarterly line is also an important technical indicator for a stronger turnaround. However, NT$2,500 and the quarterly line are only technical observation levels, not guaranteed price targets.