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TSMC Faces Continued Foreign Selling Despite Strong Earnings Outlook
Electronic Technology · Semiconductors · economic_daily · 2026-10-15
00403, 00406, 0050, 00631, 00632, 00685, 00927, 00981, 1303, 2303, 2308, 2327, 2330, 2408, 2409, 2454, 3037, 8039
Despite reporting robust Q3 earnings and a positive outlook, TSMC continues to face heavy selling pressure from foreign investors, marking seven consecutive days of net outflows.
What Happened
Earnings Performance: TSMC reported a strong third quarter with a gross margin of 66.4% and EPS of NT$29.43. The company provided an optimistic outlook for Q4, highlighting steady progress in 2nm process technology and capacity scaling through 2027.
Capital Expenditure: CFO Wendell Huang confirmed that full-year capital expenditure for this year remains between US$60 billion and US$64 billion. The company anticipates that spending from 2026 to 2028 will significantly exceed the levels of the previous three years to support advanced manufacturing.
Foreign Investor Sentiment: Despite the solid fundamentals, TSMC shares have been under pressure from foreign institutional investors. The stock saw 34,000 shares sold by foreign entities on the day of the earnings call, marking a seven-day streak of net selling totaling 91,000 shares.
Global Expansion: Chairman C.C. Wei confirmed that the construction of the second fab in Arizona is progressing, with equipment installation currently underway. The facility is on track to begin mass production in the third quarter of 2027, bolstering the company's global footprint.
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