Looking to the fourth quarter of 2025, Taiwan Semiconductor’s revenue is expected to be between $32.2-$33.4 billion, with gross margin expected to be between 59%-61% and its operating margin targeted in the range of 49%-51%. At the end of the third quarter, cash and investments totaled $90.1 billion, while bonds payable and bank loans came in at $31.4 billion. We like TSMC’s pure-play foundry business model, and trends continue to look favorable for the chip maker.
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