TSMC's Record Quarter Meets a CapEx Reckoning: Why Chip Stocks Sold the News
TSMC posted its fifth straight quarter of record profit and raised full-year guidance, yet shares fell more than 4% and dragged Nvidia, AMD, and the memory complex lower. The culprit: a capex guidance hike to $60B-$64B that has the market repricing margin durability, not demand.