- 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).




$2330
$NVDA (+1.02%)
$AMD (-0.05%)
$AVGO (+0.57%)
$ASML (+1.04%)
$ASML (+1.31%)