Taiwan Semiconductor Manufacturing Company reported September revenue of NT$511.86B, up 54.6% from a year earlier but down 0.6% from August.
Revenue for January through September totaled NT$3,898.73B, a 41.1% increase over the same period in 2025.
September sales came in at $16.03B, helping cap a third quarter of NT$1.494T, or $46.7B, above the top end of the company's guidance range.
AI accelerators are outrunning supply
Demand for AI accelerators from customers including Nvidia and Apple keeps outpacing supply, particularly at the 3nm and 2nm manufacturing nodes.
The bigger constraint lies in advanced packaging, where TSMC's CoWoS capacity remains a bottleneck and lead times continue to stretch.
Packaging brings chips and memory together into a single AI processor, making it a critical part of the manufacturing process with few readily available alternatives.
TSMC recently committed to ASML's High-NA extreme ultraviolet lithography machines, the next generation of tools used to manufacture increasingly advanced chips.
Analysts expect strong growth through 2027
Citi expects revenue growth above 40% into 2027, supported by AI infrastructure spending and the shift to TSMC's 2nm process. Goldman Sachs forecasts US-dollar revenue growth of 42% in 2026, moderating to 36.9% in 2027.
The counterweight is valuation. Rising US Treasury yields could pressure the multiples investors are willing to pay for high-growth technology stocks, even as demand for advanced chips remains strong.
TSMC's 6-K filing also disclosed financial guarantees for overseas subsidiaries, including exposure tied to TSMC Arizona.
Those US facilities are part of the company's push to manufacture advanced chips outside Taiwan. Third-quarter earnings arrive Oct. 15, when management is expected to provide December-quarter guidance and an updated capital spending outlook.
September's sales figures show how quickly demand is translating into revenue. The earnings call should offer a clearer picture of how much capacity TSMC can bring online to keep up.
