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Citi Raises TSMC Full-Year Guidance to 35%-40% Growth on Strong June Revenue

GateNews
Stocks
TSM-2.94%
According to Citi's monthly tracking report, TSMC's June revenue reached 442.68 billion New Taiwan dollars, up 68% year-on-year, exceeding market expectations. Q2 revenue of 1.27 trillion New Taiwan dollars rose 12% sequentially, prompting Citi to raise TSMC's full-year revenue growth guidance to 35%-40% or higher. The upgrade reflects expanding demand across multiple nodes and platforms, with CPUs and cloud providers' custom ASICs increasingly contributing to advanced wafer consumption alongside GPUs. Testing and assembly capacity remain critical bottlenecks; test interface equipment recorded 94% year-on-year growth in June, while PCB and CCL (copper-clad laminates) posted 55% growth. Citi maintains its 2026 capital expenditure forecast of $55-56 billion for TSMC, noting that near-term revenue outperformance may not immediately translate to equipment spending due to extended lead times.
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