$Taiwan Semiconductor Manufacturing(TSM)$ Q2 2026 revenue came in at a record $40.2 billion, up 34% year-over-year. The HPC/AI segment now makes up 66% of that, growing 20% quarter-over-quarter with strong margins.
They've raised their 2026 capital expenditure guidance to between $60 billion and $64 billion, and they expect the next three years to be significantly higher. There's also another $100 billion-plus planned for Arizona, bringing total U.S. investment to $265 billion.
The long-term revenue CAGR for AI accelerators is still expected to be in the high-50s percent. When you look at this level of expansion from TSMC, with demand continuing to outpace supply, it doesn't feel much like a short-term cycle to me.
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