Signal week, day four — companion to this morning's Morning 10, written as US futures digest the print and before New York opens.
The print: everything above the bar, and the bar was high
TSMC's Q2, released at 08:00 CET: revenue of $40.2 billion, up 33.7% year over year and at the very top of the company's own $39.0–40.2 billion guide. EPS of $4.31 against estimates near $3.90. Gross margin 67.7% against 65.5–67.5% guided; operating margin 60.3% against 56.5–58.5%. Net profit rose 77% to NT$706.6 billion — a record for the fifth consecutive quarter, and comfortably above the NT$632.6 billion consensus. Advanced nodes took 77% of wafer revenue. The forward line kept pace: Q3 guided to $44.6–45.8 billion, roughly 12% above the record quarter it follows and about 36% above the year-ago period. The Print Record's TSM card — published the evening before — carried $3.87 and roughly $39.8 billion into this print; the company beat the card's numbers on both lines.
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