It is a rare thing for TSMC to post sequential revenue growth in 1Q. Happened only 6 times in the 25 years. Covid cycle in 2021-22, smartphone boom in 2012, 2001/2009 crisis recovery fueled previous instances. The 2026 guidance obviously fueled by AI. 1Q tends to be seasonally a weak quarter due to smartphone dip. But due to HPC/AI shift, new seasonality is coming? From Apple to NVIDIA cycle shift.
Source: Sravan Kundojjala
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