TSM Taiwan Semiconductor Manufacturing Company's latest earnings report, a brief summary: financial metrics exceeded expectations, with a strong demand outlook. In the high-end process chips, TSMC remains unrivaled, with a deep moat.

Q4 significantly surpassed the company's previous guidance: revenue, gross margin, and operating profit margin all exceeded the upper end of the range, indicating "strong demand + high capacity utilization + more advanced product mix."

The company estimates that Q1 2026 revenue will further increase, with the gross margin range raised to 63%–65%, implying that short-term prosperity, bargaining power, and efficiency remain high.

Risks: The geopolitical situation remains unchanged.

Continue to hold TSMC stocks firmly. If there is a significant market correction, continue to buy the stock and sell put options to collect premiums.