2026년 2월 11일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) is showing renewed momentum at the start of the year, with January revenue growth pointing to continued strength in global artificial intelligence spending. The world's largest contract chipmaker reported a 37% year-on-year increase in January revenue to NT$401.3 billion, marking its fastest pace of growth in months and running ahead of the roughly 30% revenue growth the company expects for the full year. That comparison, however, could be influenced by timing effects, as the Lunar New Year holidays fell in January in 2025, potentially distorting the year-ago baseline.
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The pickup in sales reinforces TSM's position as a central beneficiary of AI-related investment, particularly through its role supplying advanced chips for customers such as Nvidia (NASDAQ:NVDA) and Apple. Demand tied to data center processors and AI accelerators continues to be a key driver, pushing TSM to earmark as much as $56 billion in capital spending this year, which would be up about a quarter from 2025. Last week, Jensen Huang described the industry's current wave of investment as a once-in-a-generation infrastructure buildout, underscoring the scale and ambition behind the spending now flowing into chip manufacturing and data center capacity.
At the same time, the magnitude of that spending is also feeding investor caution. Heavy capital commitments by large technology companies such as Amazon (NASDAQ:AMZN) and Meta (NASDAQ:META) are prompting questions about whether the eventual returns will justify the investment, particularly given the circular nature of many data center agreements. For investors with long memories of past technology cycles, those dynamics suggest that while AI-driven demand could remain supportive for TSM, sentiment may stay sensitive to any signs that the current buildout is moving faster than end demand can ultimately absorb.
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