After posting +41% y/y growth with ATH GM and OM in 1Q26, TSMC is tracking to high-30s growth in CY26. We raised our TSM…

SemiAnalysis Twitter · SemiAnalysis (@SemiAnalysis_) · 2026-06-01

SemiAnalysis reports TSMC posted 41% year-over-year revenue growth with all-time-high margins in Q1 2026, is tracking toward high-30s growth for the full calendar year, and that the N3 process node remains the primary supply bottleneck of the AI infrastructure build-out.

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SemiAnalysis: AI Silicon Shortage — HBM Bottleneck and N3 Wafer Dominance

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Topics: tsmcsemiconductor-foundryai-infrastructuresemiconductor-supply-chain

Claims

TSMC posted +41% year-over-year growth with all-time-high gross margins and operating margins in Q1 2026.
TSMC is tracking toward high-30s growth for calendar year 2026.
SemiAnalysis raised its TSMC capex outlook again, placing it well above Street consensus estimates.
The N3 process node remains the main supply bottleneck of the current AI infrastructure cycle.
TSMC is simultaneously building greenfield capacity and expanding existing facilities to address demand.

Key quotes

After posting +41% y/y growth with ATH GM and OM in 1Q26, TSMC is tracking to high-30s growth in CY26.

N3 remains the main supply bottleneck of the AI cycle.