Taiwan Semiconductors: Earnings Season Half-way Recap

研报英文原文证据摘录

Taiwan Semiconductors: Earnings Season Half-way Recap

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03 Aug 2026 01:54:18 ET │ 11 pages

Taiwan Semiconductors

Earnings Season Half-way Recap

CITI'S TAKE

Taiwan tech companies' earnings season is in the half way. Despite recent

market turbulence, companies reaffirmed that AI investment cycle is

broadening across the entire hardware ecosystem. TSMC remains the

clear manufacturing leader, benefiting from sustained advanced-node Laura (Chia Yi) ChenAC

demand and persistent CoWoS tightness, while UMC is beginning to +886-2-8726-9090

participate through specialty technologies such as silicon photonics and laura.cy.chen@citi.com

AI power ICs. ASEH continues to benefit from rising packaging and testing

Jack Chen complexity. MediaTek is also steadily expanding its AI silicon exposure

beyond smartphones into edge and enterprise computing. And GUC +886-2-8726-9091

jack1.chen@citi.com benefits from accelerating hyperscaler custom CPU adoption. We see

companies in the semiconductor supply chain raised guidance, increased Michael Hung

capital expenditure or expressed improving visibility into 2027 AI demand, +886-2-8726-9092

reinforcing our view that AI infrastructure investment remains in the early michael.hung@citi.com

stages of a multi-year expansion and that the beneficiaries will Nicholas Lai

increasingly extend well beyond computing but also in networking and +886-2-8726-9093

power. nicholas.lai@citi.com

• US Hyperscalers – AI CapEx Continues to Move Higher Despite Temporary

FCF Pressure. Recent results from major US CSPs reiterated that AI

infrastructure investment continues to accelerate. Microsoft and Meta both

raised or reaffirmed record capital expenditure plans, while Google also

increased investment to support rapidly growing AI demand across Search,