TSMC’s near-term margin likely peaked in 1Q, according to Macquarie Group
analysts.
They expect 2Q revenue to grow sequentially, supported by strong AI demand and
leadership in advanced nodes. However, 1Q margins may have been pressured by
ramping 3nm capacity and initial 2nm mass production.
External cost pressures are also likely to persist, including higher chemical
prices amid geopolitical disruption. Gross margin is forecast to ease to around
62.4% in 2Q from an estimated 64% peak in 1Q, though the long-term growth
outlook remains solid.
