#台积电Q2净利暴增77.4% TSMC’s newly delivered 2025 Q2 performance again welds the words “AI cash-printing machine” onto its fabs.

In the quarter, consolidated revenue totaled NT$933.79 billion, net profit after tax was NT$398.27 billion, and on certain market definitions the year-over-year growth in net profit reached more than 70%. EPS was NT$15.36. Gross margin was 58.6% and net profit margin 42.7%. It netted about NT$182 million per hour, setting the record for the strongest single-quarter profitability in history. What drives this curve is still AI + HPC—HPC platform revenue mix surged to 60%, and the combined contribution of 3nm and 5nm processes ate up 60% of wafer revenue. Advanced processes (≤7nm) accounted for 74% overall, and capacity utilization has been kept fully booked by customers such as NVIDIA (NVDA) and AMD.

Meanwhile, TSMC also raised its full-year US-dollar revenue growth outlook to about 30%. Its Q3 guidance is $31.8–33.0 billion, and CoWoS capacity is still expanding. On-chain, meanwhile, BTC has also ridden a wave of risk-on sentiment returning as AI capital expenditure picks up—after fabs take in AI demand and mining operations capture the post-halving effect to clear computing demand, the two lines unexpectedly fall in sync on the idea of “computing power as infrastructure.”

The only variable to watch is the new Taiwan dollar exchange rate and the initial dilution to gross margin from overseas plants (the United States/Japan/Germany). The Q3 gross margin guidance of 55.5%–57.5% has already slipped slightly. The leader is still the leader—it's just that the “cheap money” isn’t as good as it was last year for making profits. #夏日创作营