The Ledger

TSMTaiwan Semiconductor Manufacturing Company Limited

Industry AI semis Price 23 Oct 2026

If management hits its targets, one share in 12 months

$419 → $440

What the podcasts say

2 bullish · 1 bearish · 3 speakers · 2 shows

What investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.

  1. Bearish
    Conservative capacity decisions are letting Intel and Samsung catch upBen Thompson · Invest Like the Best (Colossus) · 18 Aug 2026
  2. Bullish
  3. Bullish

All 3 statements on the Podcast Heatmap

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$419 → $440

Show the math

today's enterprise value over the gross profit management guides for 2026 — about 18× — held on each later year's gross profit. 2027 to 2029: revenue grows at the rate that lands on the 2029 figure management's own five-year target implies (a revenue CAGR approaching 25% from 2024), about 15% a year from here because 2025 and 2026 ran ahead of that path, at a gross margin between the 56% floor management set through the cycle and today's 66%. Then net cash is added back and the total divided by the ADS count, which has not moved in two years. Everything is in US dollars: the revenue is guided in them and the ADS trades in them; the NT$ cash and bonds are converted once, at the USDTWD close of 16 Oct '26. Each figure management gave as a range is taken at its middle.

0$200$400$600Today (Oct 2026): $419, the market price$419TodayOct 202612 months (Oct 2027): $440 a share if management delivers$44012 monthsOct 202724 months (Oct 2028): $497 a share if management delivers$49724 monthsOct 202836 months (Oct 2029): $571 a share if management delivers$57136 monthsOct 2029
SharesTodayIn 12 monthsOct 2027In 24 monthsOct 2028In 36 monthsOct 2029
Past pace: all sharesshare count flat: 25,932.6M to 25,932.5M common shares (5,186.5M ADS-equivalents) between Dec '25 and Jun '26; nothing issued, 154K unvested restricted shares cancelled$419$4405186M sh$4975186M sh$5715186M sh
Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

  1. The measure. Gross profit for 2026 of about US$114-119B: revenue of US$175.1-177.1B (the three reported quarters, US$35.90B, US$40.20B and US$46.72B, plus the Q4 guide of US$52.3-54.3B from the 15 Oct '26 release) at the 65-67% gross margin guided for Q4, which the year sits inside whatever Q4 does (66.2%, 67.7%, 66.4% so far). Gross profit, not operating profit, because it is the line management puts a long-term number on. Today's enterprise value is about 18× that.
  2. 2027 to 2029. "Revenue CAGR to approach 25% in US dollar terms" for 2024 to 2029, the Q4 '25 deck. From 2024's US$90.08B that is US$264-275B in 2029 at 24-25% a year. Getting there from US$176B in 2026 takes 14.5-16.0% a year, and that is the rate used, not 25%: applying the headline rate to each remaining year would overshoot management's own endpoint. Nothing past 2029 is guided and nothing past it is used.
  3. The margin. "Long-term gross margin to be 56% and higher through the cycle", the same deck, raised from 53% a year earlier. The range for 2027-2029 runs from that floor to today's 66%, and the middle, 61%, is used: five points below 2026, which is what the CFO's own warnings add up to (overseas fabs dilute 2-3 points early and 3-4 later, N2 2-3 points in its first year). The ROE target of high-20s% and the AI accelerator CAGR are not numbers the model can use.
  4. Shares and currency. 5186.5M ADS-equivalents: 25,932.5M common shares at 30 Jun '26, five to an ADS. No convertibles, no warrants, no buyback. The past-pace row is the only row because management states no funding plan: the build is paid from operating cash (NT$1,482B in H1 '26 against NT$847B of capex). The count fell by 154K shares in the half (cancelled restricted shares), so the pace is flat.
  5. Arithmetic. (company value + net cash) / shares. Net cash is -$92.1B as debt: NT$4,017B of cash and marketable securities at 30 Sep '26 (the Q3 '26 deck) against NT$980B of bonds and NT$51B of bank loans at 30 Jun '26 (the last filed debt notes), converted at USDTWD 32.43 on 16 Oct '26. The 12-, 24- and 36-month figures are read straight along the line between the year ends.

Promises vs. what happened

17 claims · 8 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

Quarter guides: never missed in eight. The year's first number runs ten points low, and the capital budget only goes up.

PromiseMade inWhat happened
Q1 '25 guide, US$25.0–25.8BQ4 '24US$25.53B, insideHeld
2025 revenue +mid-20s%Q1 '25+35.9%Held
Long-term gross margin ≥53%Q1 '2559.9% in 2025; floor raised to 56%Held
ROE >25% through the cycleQ1 '2535.4% in 2025; raised to high-20s%Held
2025 capex US$38–42BQ4 '24 callUS$40.9BHeld
Q3 '26 guide, US$44.6–45.8BQ2 '26US$46.72B, above the topHeld
Arizona fab 1 in production, early '25Q3 '24 callQ4 '24, a quarter earlyHeld
2024–29 revenue CAGR ~20%Q1 '25raised to ~25%Open
2026 revenue +~30%Q4 '25around 44% by Oct '26Open
Q4 '26 guide, US$52.3–54.3BQ3 '26due Jan '27Open
AI accelerator CAGR mid-40s%Q4 '24 callmid-to-high-50s%, then no numberOpen
≥NT$23 dividend in 2026Q4 '25 callNT$24 promisedOpen
Arizona fab 2 in production, 2028Q3 '24 callshell complete Apr '25Open
Overseas dilution 2–3 pts a yearQ3 '24 callmargin rose 10 pts anywayOpen
Kumamoto fab 2 by end '27Q3 '24 callno later date givenOpen
Dresden fab by end '27Q3 '24 callno later date givenOpen
2026 capex US$52–56BQ4 '25 callraised to US$60–64BMissed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26

GuidePage one since Q4 '24

FXFirst seen Q4 '24

NodesFirst seen Q4 '24

HPCFirst seen Q4 '24

YearFirst seen Q1 '25

5-yearFirst seen Q1 '25

CapexFirst seen Q4 '24

DividendFirst seen Q4 '24

OverseasFirst seen Q1 '25

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

The quarter against the guide, in US dollars

Q4 '24 · headline page

“Net Revenue (US$ billions) 26.88 26.1-26.9 23.50 19.62 +14.4% +37.0%”

Deck 4Q24 Presentation (E) · p. 4 ·

The quarter against the guide, in US dollars

Q1 '25 · headline page

“Net Revenue (US$ billions) 25.53 25.0-25.8 26.88 18.87 -5.1% +35.3%”

Deck 1Q25 Presentation (E) · p. 4 ·

The quarter against the guide, in US dollars

Q2 '25 · headline page

“Net Revenue (US$ billions) 30.07 28.4-29.2 25.53 20.82 +17.8% +44.4%”

Deck 2Q25 Presentation (E) · p. 4 ·

The quarter against the guide, in US dollars

Q3 '25 · headline page

“Net Revenue (US$ billions) 33.10 31.8-33.0 30.07 23.50 +10.1% +40.8%”

Deck 3Q25 Presentation (E) · p. 4 ·

The quarter against the guide, in US dollars

Q4 '25 · headline page

“Net Revenue (US$ billions) 33.73 32.2-33.4 33.10 26.88 +1.9% +25.5%”

Deck 4Q25 Presentation (E) · p. 4 ·

The quarter against the guide, in US dollars

Q1 '26 · headline page

“Net Revenue (US$ billions) 35.90 34.6-35.8 33.73 25.53 +6.4% +40.6%”

Deck 1Q26 Presentation (E) · p. 4 ·

The quarter against the guide, in US dollars

Q2 '26 · headline page

“Net Revenue (US$ billions) 40.20 39.0-40.2 35.90 30.07 +12.0% +33.7%”

Deck 2Q26 Presentation (E) · p. 4 ·

The quarter against the guide, in US dollars

Q3 '26 · headline page

“Net Revenue (US$ billions) 46.72 44.6-45.8 40.20 33.10 +16.2% +41.2%”

Deck 3Q26 Presentation (E) · p. 4 ·

Next-quarter guidance on a stated exchange rate

Q4 '24 · further in the deck

“And, based on the exchange rate assumption of 1 US dollar to 32.8 NT dollars, management expects:”

Deck 4Q24 Presentation (E) · p. 12 ·

Next-quarter guidance on a stated exchange rate

Q1 '25 · further in the deck

“And, based on the exchange rate assumption of 1 US dollar to 32.5 NT dollars, management expects:”

Deck 1Q25 Presentation (E) · p. 9 ·

Next-quarter guidance on a stated exchange rate

Q2 '25 · further in the deck

“And, based on the exchange rate assumption of 1 US dollar to 29.0 NT dollars, management expects:”

Deck 2Q25 Presentation (E) · p. 9 ·

Next-quarter guidance on a stated exchange rate

Q3 '25 · further in the deck

“And, based on the exchange rate assumption of 1 US dollar to 30.6 NT dollars, management expects:”

Deck 3Q25 Presentation (E) · p. 9 ·

Next-quarter guidance on a stated exchange rate

Q4 '25 · further in the deck

“And, based on the exchange rate assumption of 1 US dollar to 31.6 NT dollars, management expects:”

Deck 4Q25 Presentation (E) · p. 12 ·

Next-quarter guidance on a stated exchange rate

Q1 '26 · further in the deck

“And, based on the exchange rate assumption of 1 US dollar to 31.7 NT dollars, management expects:”

Deck 1Q26 Presentation (E) · p. 9 ·

Next-quarter guidance on a stated exchange rate

Q2 '26 · further in the deck

“And, based on the exchange rate assumption of 1 US dollar to 32 NT dollars, management expects:”

Deck 2Q26 Presentation (E) · p. 9 ·

Next-quarter guidance on a stated exchange rate

Q3 '26 · further in the deck

“And, based on the exchange rate assumption of 1 US dollar to 31.8 NT dollars, management expects:”

Deck 3Q26 Presentation (E) · p. 9 ·

Advanced nodes' share of wafer revenue

Q4 '24 · further in the deck

“7nm 5nm 3nm 4Q24 Revenue by Technology 7nm and Below Revenue 0.11/0.13um 2% 90nm 1% 0.25um and above 0% 40/45nm 3% 28nm 6%16nm 7% 0.15/0.18um 3% 65nm 4% 7nm 14% 5nm 34% 3nm 26%”

Deck 4Q24 Presentation (E) · p. 5 ·

Advanced nodes' share of wafer revenue

Q1 '25 · further in the deck

“7nm 5nm 3nm 7nm and Below Revenue 0.11/0.13um 2% 90nm 1% 0.25um and above 0% 40/45nm 3% 28nm 7% 16/20nm 7% 0.15/0.18um 3% 65nm 4% 7nm 15% 5nm 36% 3nm 22%”

Deck 1Q25 Presentation (E) · p. 5 ·

Advanced nodes' share of wafer revenue

Q2 '25 · further in the deck

“7nm 5nm 3nm 7nm and Below Revenue 0.11/0.13um 2% 90nm 1% 0.25um and above 0% 40/45nm 3% 28nm 7% 16/20nm 7% 0.15/0.18um 3% 65nm 3% 7nm 14% 5nm 36% 3nm 24%”

Deck 2Q25 Presentation (E) · p. 5 ·

Advanced nodes' share of wafer revenue

Q1 '26 · further in the deck

“© 42026 TSMC, Ltd TSMC Property 1Q26 Revenue by Technology 0.11/0.13um 1%90nm 1% 0.25um and above 1% 40/45nm 3% 28nm 7% 16/20nm 7% 0.15/0.18um 2% 65nm 4% 7nm 13% 5nm 36% 3nm 25%”

Deck 1Q26 Presentation (E) · p. 5 ·

Advanced nodes' share of wafer revenue

Q2 '26 · further in the deck

“≥0.15um 3% 65nm 4% 2nm 3%”

Deck 2Q26 Presentation (E) · p. 5 ·

HPC as the largest platform

Q4 '24 · further in the deck

“HPC 53%”

Deck 4Q24 Presentation (E) · p. 7 ·

HPC as the largest platform

Q1 '25 · further in the deck

“HPC 59%”

Deck 1Q25 Presentation (E) · p. 6 ·

HPC as the largest platform

Q2 '25 · further in the deck

“HPC 60%”

Deck 2Q25 Presentation (E) · p. 6 ·

HPC as the largest platform

Q1 '26 · further in the deck

“HPC 61%”

Deck 1Q26 Presentation (E) · p. 6 ·

Full-year revenue outlook in US dollar terms

Q1 '25 · further in the deck

“◼ 2025 revenue to increase by close to mid-20s% in US dollar terms”

Deck 1Q25 Presentation (E) · p. 10 ·

Full-year revenue outlook in US dollar terms

Q2 '25 · further in the deck

“◼ 2025 revenue to increase by around 30% in US dollar terms”

Deck 2Q25 Presentation (E) · p. 10 ·

Full-year revenue outlook in US dollar terms

Q4 '25 · further in the deck

“2026 revenue to increase by close to 30% in US dollar terms”

Deck 4Q25 Presentation (E) · p. 13 ·

Full-year revenue outlook in US dollar terms

Q1 '26 · further in the deck

“◼ 2026 revenue to increase by above 30% in US dollar terms”

Deck 1Q26 Presentation (E) · p. 10 ·

Full-year revenue outlook in US dollar terms

Q2 '26 · further in the deck

“2026 revenue to increase by slightly above 40% in US dollar terms”

Deck 2Q26 Presentation (E) · p. 10 ·

Full-year revenue outlook in US dollar terms

Q3 '26 · further in the deck

“2026 revenue to increase by around 44% in US dollar terms”

Deck 3Q26 Presentation (E) · p. 10 ·

Five-year targets for revenue growth, gross margin and ROE

Q1 '25 · further in the deck

“◼ Revenue CAGR to approach 20% in US dollar terms”

Deck 1Q25 Presentation (E) · p. 10 ·

Five-year targets for revenue growth, gross margin and ROE

Q4 '25 · further in the deck

“Revenue CAGR to approach 25% in US dollar terms”

Deck 4Q25 Presentation (E) · p. 13 ·

Capital expenditure and free cash flow

Q4 '24 · further in the deck

“Capital expenditures (361.95) (207.08) (170.16)”

Deck 4Q24 Presentation (E) · p. 10 ·

Capital expenditure and free cash flow

Q1 '25 · further in the deck

“Capital expenditures (330.83) (361.95) (181.30)”

Deck 1Q25 Presentation (E) · p. 8 ·

Capital expenditure and free cash flow

Q2 '25 · further in the deck

“Capital expenditures (297.22) (330.83) (205.68)”

Deck 2Q25 Presentation (E) · p. 8 ·

Capital expenditure and free cash flow

Q3 '25 · further in the deck

“Capital expenditures (287.45) (297.22) (207.08)”

Deck 3Q25 Presentation (E) · p. 8 ·

Capital expenditure and free cash flow

Q4 '25 · further in the deck

“Capital expenditures (356.91) (287.45) (361.95)”

Deck 4Q25 Presentation (E) · p. 10 ·

Capital expenditure and free cash flow

Q1 '26 · further in the deck

“Capital expenditures (350.76) (356.91) (330.83)”

Deck 1Q26 Presentation (E) · p. 8 ·

Capital expenditure and free cash flow

Q2 '26 · further in the deck

“Capital expenditures (496.00) (350.76) (297.22)”

Deck 2Q26 Presentation (E) · p. 8 ·

Capital expenditure and free cash flow

Q3 '26 · further in the deck

“Capital expenditures (443.21) (496.00) (287.45)”

Deck 3Q26 Presentation (E) · p. 8 ·

A rising quarterly cash dividend

Q4 '24 · further in the deck

“TSMC Board of Directors Approved NT$4.50 Cash Dividend for the Third Quarter of 2024 and Set March 18, 2025 as Ex-Dividend Date, March 24, 2025 as the Record Date and April 10, 2025 as the Distribution”

Deck 4Q24 Presentation (E) · p. 13 ·

A rising quarterly cash dividend

Q1 '25 · further in the deck

“TSMC Board of Directors Approved NT$4.50 Cash Dividend for the Fourth Quarter of 2024 and Set June 12, 2025 as Ex-Dividend Date, June 18, 2025 as the Record Date and July 10, 2025 as the Distribution”

Deck 1Q25 Presentation (E) · p. 11 ·

A rising quarterly cash dividend

Q2 '25 · further in the deck

“TSMC Board of Directors Approved NT$5.00 Cash Dividend for the First Quarter of 2025 and Set”

Deck 2Q25 Presentation (E) · p. 11 ·

A rising quarterly cash dividend

Q3 '25 · further in the deck

“TSMC Board of Directors Approved NT$5.00 Cash Dividend for the Second Quarter of 2025 and Set December 11, 2025 as Ex-Dividend Date, December 17, 2025 as the Record Date and January 8, 2026 as the Distribution Date (2025/08/12)”

Deck 3Q25 Presentation (E) · p. 10 ·

A rising quarterly cash dividend

Q4 '25 · further in the deck

“TSMC Board of Directors Approved NT$6.00 Cash Dividend for the Third Quarter of 2025 and Set March 17, 2026 as Ex-Dividend Date, March 23, 2026 as the Record Date and April 9, 2026 as the Distribution Date (2025/11/11)”

Deck 4Q25 Presentation (E) · p. 14 ·

A rising quarterly cash dividend

Q1 '26 · further in the deck

“TSMC Board of Directors Approved NT$6.00 Cash Dividend for the Fourth Quarter of 2025 and Set June 11, 2026 as Ex-Dividend Date, June 17, 2026 as the Record Date and July 9, 2026 as the Distribution Date (2026/02/10)”

Deck 1Q26 Presentation (E) · p. 11 ·

A rising quarterly cash dividend

Q2 '26 · further in the deck

“TSMC Board of Directors Approved NT$7.00 Cash Dividend for the First Quarter of 2026 and Set September 16, 2026 as Ex-Dividend Date, September 22, 2026 as the Record Date and October 8, 2026 as the Distribution Date (2026/05/12)”

Deck 2Q26 Presentation (E) · p. 11 ·

A rising quarterly cash dividend

Q3 '26 · further in the deck

“TSMC Board of Directors Approved NT$7.00 Cash Dividend for the Second Quarter of 2026 and Set December 10, 2026 as Ex-Dividend Date, December 16, 2026 as the Record Date and January 7, 2027 as the Distribution Date (2026/08/11)”

Deck 3Q26 Presentation (E) · p. 11 ·

Overseas fabs and partnerships

Q1 '25 · further in the deck

“TSMC Intends to Expand Its Investment in the United States to US$165 Billion to Power the Future of AI”

Deck 1Q25 Presentation (E) · p. 11 ·

Overseas fabs and partnerships

Q2 '26 · further in the deck

“Sony Semiconductor Solutions and TSMC Entered Preliminary Agreement for Next-Generation Image Sensor Strategic Partnership (2026/05/08)”

Deck 2Q26 Presentation (E) · p. 11 ·

Overseas fabs and partnerships

Q3 '26 · further in the deck

“Sony Semiconductor Solutions and TSMC Agreed to Establish Joint Venture for Next-Generation Image Sensors (2026/08/11)”

Deck 3Q26 Presentation (E) · p. 11 ·

What they keep talking about · 10

The themes that show up deck after deck, and the ones that disappear.

Guide
Page one of every deck is the income statement with the guided range printed beside the result. Eight for eight on revenue; five above the top of the range.
FX
Margins are guided at a stated USD/NTD rate, 32.8 in Q4 '24, 29 in Q2 '25, 31.8 in Q3 '26; the dollar's swing is the one line management says it does not control.
Nodes
3nm went from 26% of wafer revenue in Q4 '24 to 33% in Q3 '26 (the release); 2nm got its own slice in Q2 '26 at 3%, 8% by Q3. Three chart pages in the archive carry no text.
HPC
HPC rose from 53% to 61% of revenue while smartphone fell from 35% to 26%; four platform pages in the archive carry no text.
Year
A Future Outlook slide in six of eight decks. 2025: mid-20s% to around 30% to 35.9% delivered. 2026: close to 30%, above 30%, slightly above 40%, around 44%.
5-year
Set in Q1 '25 (CAGR ~20%, gross margin ≥53%, ROE >25%), raised in Q4 '25 (~25%, ≥56%, high-20s%), shown in no other deck.
Capex
NT$362B a quarter in Q4 '24, NT$496B in Q2 '26, NT$443B in Q3. The dollar budget for the year is only ever spoken on the call, and in 2026 it was raised twice.
Dividend
NT$4.50 a quarter on the Q4 '24 recap slide, NT$7.00 by Q1 '26 and again for Q2, raised three times in the window without a cut.
New
Q3 '26: the Sony image-sensor joint venture agreed (a preliminary agreement in Q2), an ASML photomask initiative on the events slide, and the 2026 outlook raised to around 44%.
Quiet
Never on a slide: the capital budget, AI accelerator revenue, backlog, capacity in wafers or customer names. Platform growth rates by quarter were printed through Q2 '25 and not in Q1 '26.
Every quarterly report we’ve saved · 9

The press releases and shareholder letters behind this page.

Archived as text; the links open the copies filed on EDGAR or the investor-relations site.

What analysts asked them

8 calls · Q3 24 – Q2 26

The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.

Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.

Share of questions about…Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Demand & customers28%32%46%38%33%54%39%48%
Growth & sales28%36%42%38%43%46%17%30%
Pricing & margins17%20%12%19%13%31%14%19%
Guidance & outlook24%28%25%43%40%46%28%30%
Capacity & supply21%24%54%48%30%38%31%30%
Capital & financing21%4%17%33%17%31%22%33%
Competition··8%·3%15%17%15%
Products & technology14%16%21%14%23%15%25%33%
Macro & regulation·8%33%14%10%··4%
Other38%16%17%24%27%8%33%11%
Questions2925242130133627

Who’s in charge, who’s selling

read from the filings · 22 Oct 2026

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

  1. Tier 2 · stable

    The CEO chairs the board and helps pick the independents

    C.C. Wei has been chairman and CEO since Jun '24; he sits on the Nominating, Corporate Governance and Sustainability Committee with three independents. No lead independent director is named in the 20-F. All ten directors were elected together in 2024 for three years, to 2027.

  2. Tier 2 · stable

    The state is the largest holder and sits on the board

    The National Development Fund of the Executive Yuan holds 6.38%, the only 5% holder, and has had a director since 1987; since Sep '25 its representative is Chun-Hsien Yeh, a cabinet minister. The nominating chair, Chuan Lin, is a former Premier and a senior adviser to the President. US$165B of US investment and the Arizona capital flows sit between two governments.

  3. Tier 2 · stable

    A fifth of the shares vote through the depositary, and undirected ones vote with the chairman

    1,062.7M ADSs (20.5% of the shares) vote through Citibank. Unless holders of 51% of the ADSs instruct the same way, the depositary appoints the chairman or his designate as voting representative to vote all ADS shares 'as the voting representative deems appropriate'; for director elections, uninstructed ADS shares are voted the same way.

  4. Tier 3 · stable

    Pay is disclosed for two people; a non-independent director is also a paid adviser

    2025 compensation: CEO NT$2,422.7M (US$77.2M, of which NT$1,142.5M long-term incentive and other), CFO NT$339.5M; the other 28 officers NT$6,297.8M as a group. Independent directors NT$18.9M each. F.C. Tseng, a non-independent director, received NT$19.9M of adviser fees from TSMC and NT$18.6M from non-consolidated affiliates on top of NT$13.2M of director pay.

  5. Tier 3 · live

    Legal exposure the 20-F does not count as material

    The 20-F lists one material case: Marlin/Longitude's ITC and E.D. Texas patent complaints (Feb '25, ITC investigation opened 21 Mar '25). Not in it: the US export-control probe over a Sophgo chip found in a Huawei processor (Reuters, Apr '25, a possible US$1B+ penalty; no charging letter or penalty announced in anything read), the Arizona employment-discrimination class action (N.D. Cal. 5:24-cv-5684, 2024), and TSMC's own suit against ex-SVP Wei-Jen Lo (6-K, 25 Nov '25).

Where shareholders voted no

At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.

20252026Share 2026
Acknowledge business report and accountsSigning off the year. A formal approval of the year's accounts or of the managers' conduct (a discharge), which makes it harder to hold them liable for that year later.n/dn/d—
Amend the Articles of IncorporationChanging the company's rulebook. An amendment to the charter, articles or by-laws, the documents that set out shareholders' rights and how the board is run.n/dn/d—
Elect directors (next in 2027)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off.———

Insiders who sold the most stock

Reported sales by executives and directors, biggest first.

Forms 4, Mar–Oct 2026SoldNote
Chuang Tzu-Sou, VP (the 20-F's Arthur Chuang, Operations/Facility, on the name match)$14.0M200,000 shares at NT$2,210 on 19 May '26; 2.5M held after
Chen Chih-Ho, Controller$3,76150 shares on 14 Jul '26, the only other sale