3Wk·

Management Kommentare:

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  • Strong Q2 revenue supported by industry-leading 3nm and 5nm technologies, partially offset by FX headwinds.”
  • “Gross margin pressure from FX and overseas fab dilution was partly balanced by higher utilization and cost improvements.”
  • “Receivable and inventory days improved on higher N3/N5 wafer shipments.”
  • Management flagged tariff uncertainty & FX volatility as 2H margin risks; long-term GM ≥53% goal reiterated.
  • U.S./EU fab build-out (~$165B multi-year) aimed at capacity diversification & customer security; overseas fabs carry structural margin dilution.
  • N3 capacity remains tight; narrowing supply-demand gap at premium nodes while ramping N2 (HVM 2H25) and advanced packaging (CoWoS/SoIC).


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