Taiwan Semiconductor Manufacturing Company remains a "Buy" as operational execution, 2nm ramp, and record revenues drive continued outperformance and sector leadership. Q3 revenue is set to exceed guidance, with Q4 and 2026 outlooks supported by robust AI demand and accelerated 2nm adoption. Margin dilution from the early 2nm ramp is expected short-term, but long-term earnings power is enhanced by rapid capacity expansion and dominant foundry share.





