Semi Cap: TSMC 2Q26 Board Cap Appropriations 2nd Highest Ever; Another Record for Adv Node Capacity

研报英文原文证据摘录

Semi Cap: TSMC 2Q26 Board Cap Appropriations 2nd Highest Ever; Another Record for Adv Node Capacity

Equity Research

Flash Comment — May 12, 2026

Semiconductor Capital Equipment

Semi Cap: TSMC 2Q26 Board Cap

Appropriations 2nd Highest Ever; Another

Record for Adv Node Capacity

Our Call Joe Quatrochi, CFA

TSMC's 2Q26 board-approved cap appropriations were $31.3B, including another record Equity Analyst | Wells Fargo Securities, LLC

Joe.Quatrochi@wellsfargo.com | 314-875-2055

$21B for adv process tech. We remain focused on a cumulative gap to capex at $105B

Travis Poulinlooking into 2027 as a positive leading indicator to LT future spending trends.

Associate Equity Analyst | Wells Fargo Securities, LLC

Travis.Poulin@wellsfargo.com | 617-603-4263

Initial Thoughts

News: Regularly reported following the company’s quarterly board meetings, today

(5/12) TSMC announced that its board has approved capital appropriations. While this

tends to be lumpy quarter to quarter, 2Q26 appropriations were $31.3B, which was the

2nd highest ever and compares to a record $45.0B in 1Q26 & $15.2B a yr ago.

TSMC notes spending will be focused on: 1) Installation of advanced technology capacity;

2) Fab construction, and installation of fab facility systems. The company also announced

a capital injection of no more than $20B to TSMC Arizona.

• Advanced Technology Capacity. The board approved spending of a record $21.0B,

compared to the prior record $18.9B in the prior qtr and $9.6B a yr ago. Vendors

include: AMAT, ASM, ASML, KLA, Lam, Tokyo Electron & others. TTM approvals at

$55B were up from $26.6B a year ago.

• Fab Construction, & Installation of Fab Facility Systems. The board approved

spending of $10.3B in 2Q26, compared to $21.4B and $5.4B in the prior and year-

ago quarters.