TSMC's April revenue of NT$410.7 billion (US$12.6 billion) was up 17.5 percent year on year and down 1.1 percent from March, the company's highest April on record and second-highest monthly result ever. Cumulative revenue for the first four months reached NT$1.545 trillion (US$47.4 billion), up 29.9 percent from the same period in 2025.
The headline number was less interesting than the context around it. TSMC's 3nm and 4nm capacity remains fully loaded, advanced packaging is structurally constrained, and the company has guided to second-quarter revenue of US$39 billion to US$40.2 billion with gross margin of 65.5 to 67.5 percent.
In short, supply at the leading edge continues to be tighter than demand even as TSMC continues to accelerate its global build-out. Total US investment commitments now stand at US$165 billion, with a second land parcel acquired in Arizona that is expected to become a standalone Gigafab cluster. 2026 capital expenditure is guided at US$52 billion to US$56 billion, and elevated spending is now projected to continue through 2029 and 2030. The first Arizona fab is already in mass production on N4 and matches Taiwan yields. The second fab targets 3nm in the second half of 2027, the third 2nm, and a fourth fab plus the first Arizona advanced packaging facility are due to break ground in 2026.
CoWoS capacity remains a critical bottleneck. Monthly output has risen from roughly 10,000 wafers in 2022 to nearly 70,000 in 2025 and is expected to exceed 130,000 to 140,000 by the end of 2026. The expansion includes the acquisition of Innolux's former Southern Taiwan Science Park plant in Tainan, now being converted into the AP8 site, alongside continued ramps at the P1 and P2 facilities in Zhunan, Miaoli County. Persistent shortages are still spilling demand to OSAT providers including ASE, SPIL and Amkor.
The competitive environment is becoming fiercer. Apple has reportedly reached a future cooperation agreement with Intel for lower-spec M-series chips while keeping its leading-edge products at TSMC. Qualcomm is exploring partial Samsung allocation for lower-tier SoCs while preserving high-end smartphone capacity at TSMC. The pattern is consistent: customers are diversifying older lines while competing harder than ever for TSMC's advanced-node capacity.
April is unlikely to be the high-water mark for the year. Demand visibility, the CoWoS expansion path, and the US capacity ramp all point to elevated revenues continuing through 2026 and into 2027 as Vera Rubin and custom ASICs come online. TSMC's challenge is no longer winning orders but building enough advanced process and CoWoS capacity to ship them to meet rising customer demand.