BREAKING: Taiwan Semiconductor, TSM, reported a +35% YoY increase in net profit for Q4 2025, driven by surging AI chip demand. Asia’s most valuable company has now posted YoY profit growth for 8 consecutive quarters. At the same time, revenue grew +21% YoY in Q4 2025, to $33.7 billion. Both revenue and profit beat analyst estimates. Full-year 2025 revenue jumped +32% YoY and surpassed $100 billion for the first time in company history. TSMC also expects record CapEx in 2026, at $52-56 billion, up +32% YoY, to expand global manufacturing capacity. The AI chip boom shows no signs of slowing.(The Kobeissi Letter)