Taiwan Semiconductor Manufacturing

Q3 2025 (Jul-Sep): HPC = 57% of NT$989.9B revenue. AI accelerator demand continued at elevated levels. Analyst estimate (NextPlatform) put AI at 53.9% of HPC ($10.16B of $18.87B HPC), implying ~31% of total — but this is an analyst model, not TSMC disclosure. Using conservative TSMC guidance of 'high teens' for full year 2025, we estimate AI share of HPC at ~34%. Math: 0.34 * 57% ≈ 19.4%. Revenue from manifest: NT$989.92B.