Taiwan Semiconductor Manufacturing Company Limited (TSM, NYSE) is entering its April 16, 2026 earnings print with consensus revenue near $35.2B and EPS near $3.29 for the March quarter, which embeds another large year over year step versus the year ago quarter that printed $25.8B in revenue and $2.14 in EPS. The debate is no longer whether TSMC wins AI foundry share. The debate is which physical step caps shipped accelerators, and advanced packaging is now a first class candidate.
The change
Trade press on April 10, 2026 described CoWoS style capacity at TSMC as an AI bottleneck while advanced