TSMC has never had a July like this one: NT$467.58bn, up 44.7% in a year
That is about US$14.5 billion for a single month, 5.6% more than June, with January to July running 37.0% ahead of last year. High-performance computing, where AI chips sit, was 66% of second-quarter revenue.
If you want to know whether the money pouring into artificial intelligence is still pouring, the most useful company to watch is not Nvidia or OpenAI. It is the Taiwanese contract manufacturer that makes almost everybody else’s chips.
TSMC reported July revenue of NT$467.58 billion, roughly US$14.5 billion, in the monthly figures it publishes on its investor relations monthly revenue page. That is a record month: up 44.7% on July 2025 and 5.6% on June. Cumulative revenue for January to July reached NT$2.872 trillion, 37.0% higher than the same stretch last year.
Why this particular number carries weight
Because it is the least political thermometer available for AI demand. TSMC fabricates to order for practically everyone — AI accelerators, high-performance computing, smartphones — so its monthly line goes up or down before anyone’s quarterly narrative does. High-performance computing, the segment where AI chips are booked, made up 66% of revenue in the second quarter.
The pace also runs ahead of the company’s own promise. TSMC guides to 2026 revenue growth slightly above 40% in US dollar terms, a target it had already raised after second-quarter earnings. July is comfortably clear of it.
The spending that comes attached
The other side of the ledger is capital expenditure, and TSMC has lifted its 2026 projection to between $60 billion and $64 billion. That is more than several European countries produce in a year, and far more than most of the industry can match.
That gap explains the scramble everywhere else: Intel raising capital to chase the same market, South Korea putting state money behind its semiconductor supply chain, and TSMC’s biggest customers trying to reduce single-supplier risk — which is exactly the logic behind OpenAI naming its first in-house chip Jalapeño.
None of it gets built without going through Taiwan. Which is how a foundry’s monthly sales notice became required reading.
By Oliver Grant
Image: 4300streetcar / Wikimedia Commons (CC BY 4.0)