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TSMC October 2022 Revenue Report

Daniel Nenni

Admin
Staff member
HSINCHU, Taiwan, R.O.C. – Nov. 10, 2022 - TSMC (TWSE: 2330, NYSE: TSM) today
announced its net revenue for October 2022: On a consolidated basis, revenue for October 2022
was approximately NT$210.27 billion, an increase of 1.0 percent from September 2022 and an
increase of 56.3 percent from October 2021. Revenue for January through October 2022 totaled
NT$1,848.63 billion, an increase of 44.0 percent compared to the same period in 2021.

TSMC October 2022 Revenue.jpg


TSMC Spokesperson:
Wendell Huang
Vice President and CFO
Tel: 886-3-505-5901

Media Contacts:
Nina Kao
Head of Public Relations
Tel: 886-3-563-6688 ext.7125036
Mobile: 886-988-239-163
E-Mail: nina_kao@tsmc.com

Ulric Kelly
Public Relations
Tel: 886-3-563-6688 ext. 7126541
Mobile: 886-978-111-503
E-Mail: ukelly@tsmc.com
 

Mooredaddy

Active member
HSINCHU, Taiwan, R.O.C. – Nov. 10, 2022 - TSMC (TWSE: 2330, NYSE: TSM) today
announced its net revenue for October 2022: On a consolidated basis, revenue for October 2022
was approximately NT$210.27 billion, an increase of 1.0 percent from September 2022 and an
increase of 56.3 percent from October 2021. Revenue for January through October 2022 totaled
NT$1,848.63 billion, an increase of 44.0 percent compared to the same period in 2021.

View attachment 955

TSMC Spokesperson:
Wendell Huang
Vice President and CFO
Tel: 886-3-505-5901

Media Contacts:
Nina Kao
Head of Public Relations
Tel: 886-3-563-6688 ext.7125036
Mobile: 886-988-239-163
E-Mail: nina_kao@tsmc.com

Ulric Kelly
Public Relations
Tel: 886-3-563-6688 ext. 7126541
Mobile: 886-978-111-503
E-Mail: ukelly@tsmc.com
These numbers are unbelievable. I am getting major standard oil 2.0 signals from TSMC at this point. This is such a juggernaut I don’t see how this freight train gets remotely slowed down in a meaningful way.
 
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Daniel Nenni

Admin
Staff member
You wouldn't think there was a semiconductor slowdown looking at these numbers.

Some market segments are slowing and some are growing, thankfully TSMC covers them all and is very smart with capacity utilization. One thing I can tell you is that design starts are still growing and the majority of the ones I'm seeing on the leading edge are TSMC.
 

count

Well-known member
Some market segments are slowing and some are growing, thankfully TSMC covers them all and is very smart with capacity utilization. One thing I can tell you is that design starts are still growing and the majority of the ones I'm seeing on the leading edge are TSMC.
The overall semi market is not growing nearly as fast as TSMC revenue. They must be taking some pretty big foundry share. I'm guessing a lot of this is Intel moving some of it's production to TSMC.
 

Daniel Nenni

Admin
Staff member
The overall semi market is not growing nearly as fast as TSMC revenue. They must be taking some pretty big foundry share. I'm guessing a lot of this is Intel moving some of it's production to TSMC.

TSMC has out paced semiconductor growth for some time now due to IDMs going fabless or fab lite. AMD is a good example and there are many others. The foundry market is growing every year. TSMC is reported to have about 55% market share followed by Samsung, UMC, GF, SMIC, and others. I have not noticed any big market share changes in the last few years but someone else might have the actual numbers.

Intel has been a TSMC customer for many years due to acquisitions. From my memory, 15-20% of Intel wafers came from TSMC. This will be the first time however that Intel is using TSMC for internal products so it could be a big revenue jump in 2024 when Intel gets TSMC N3E based chips into their channels.

Wall Street is really missing the mark on TSM, absolutely.
 

Mooredaddy

Active member
TSMC has out paced semiconductor growth for some time now due to IDMs going fabless or fab lite. AMD is a good example and there are many others. The foundry market is growing every year. TSMC is reported to have about 55% market share followed by Samsung, UMC, GF, SMIC, and others. I have not noticed any big market share changes in the last few years but someone else might have the actual numbers.

Intel has been a TSMC customer for many years due to acquisitions. From my memory, 15-20% of Intel wafers came from TSMC. This will be the first time however that Intel is using TSMC for internal products so it could be a big revenue jump in 2024 when Intel gets TSMC N3E based chips into their channels.

Wall Street is really missing the mark on TSM, absolutely.
Totally agree. I am in disbelief at the current valuation on TSMC. It is comically undervalued (my opinion).
 

nghanayem

Well-known member
These numbers are unbelievable. I am getting major standard oil 2.0 signals from TSMC at this point. This is such a juggernaut I don’t see how this freight train gets remotely slowed down in a meaningful way.
Not even close. TSMC is not vertically integrated and doesn't control 90% of the worlds semiconductor output; they have a touch more than 50% of the foundry space (to say nothing of the heaps of IDMs/memory companies). If TSMC bought Samsung electronics (the whole thing no just the logic/memory fabs), some freight companies, Micron, UMC, GF, SMIC, ASML, AM, TEL, Hitachi high-tech, Nikon's litho department, Spin, LAM, KLA, and Globalwafers then I would say TSMC was Standard Oil 2.0 ;)

In all seriousness though TSMC is on fire and has been so for many years. Even when intel was still one gen ahead and Samsung got to finFET first, probably one of TSMCs darkest hours (.com burst notwithstanding), TSMC was still doing well. All of this success is further backed up by an execution engine that rarely fails (and the few times it has, it was a mere stumble). MC has truly built a monster, and CC Wei seems to be doing a good job shepherding TSMC to further success. Even if folks like Samsung or Intel do catch up or somehow pass TSMC, TSMC has such a strong ecosystem/infrastructure that it is hard to imagine them being anything but the largest player in the logic manufacturing industry.
 
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VCT

Active member
Clayton Christensen's The Innovator's Dilemma was written in 1997. He predicted TSMC catching up and passing Intel.
Truly unbelievable.
 

nghanayem

Well-known member
Clayton Christensen's The Innovator's Dilemma was written in 1997. He predicted TSMC catching up and passing Intel.
Truly unbelievable.
Back then wasn't intel not in the best place process wise? I thought they only really accelerated to 5-8 years ahead in the early 2000s?
 

Daniel Nenni

Admin
Staff member
Totally agree. I am in disbelief at the current valuation on TSMC. It is comically undervalued (my opinion).

I talk to Wall Street people every week or two. It is interesting to hear the questions they ask. But no, they do not really get how important TSMC is and how well that company has executed since CC Wei took over as CEO.

It doesn't really matter what Intel and Samsung do, those two companies will fight for the NOT TSMC share of the FinFET business and I give Intel the advantage since Samsung has the worst PDKs in the industry.

But even if Intel takes the process lead at 18A, which is a distinct possibility, Intel does not have the manufacturing capacity or the ecosystem to support a major foundry market share. There is just no way Intel can build, equip, and staff enough fabs to take the lead from TSMC in the next 10 years. Just my opinion of course.
 

nghanayem

Well-known member
I talk to Wall Street people every week or two. It is interesting to hear the questions they ask. But no, they do not really get how important TSMC is and how well that company has executed since CC Wei took over as CEO.

It doesn't really matter what Intel and Samsung do, those two companies will fight for the NOT TSMC share of the FinFET business and I give Intel the advantage since Samsung has the worst PDKs in the industry.

But even if Intel takes the process lead at 18A, which is a distinct possibility, Intel does not have the manufacturing capacity or the ecosystem to support a major foundry market share. There is just no way Intel can build, equip, and staff enough fabs to take the lead from TSMC in the next 10 years. Just my opinion of course.
I think there is a reason intel says their goal is to be the no 2 foundry by the end of the decade. Something that was pulled on one of semiwiki’s own articles was that on the leading edge intel’s capacity was like 80 or 90% of TSMC’s. That article was like two years old by now so I have no doubt this gap has widened, and once N3(E) starts ramping in multiple fabs we will see this gap widen even more.

Presumably even if many customers try out 18A I assume it would mostly be as a second or third source due to the risk that it might not come out in a timely manner (to say nothing of how poor external capacity may or may not be).

Beyond and maybe at 18A high-na might be a big force multiplier for intel. It would seem they are getting similar treatment to Samsung with EUV, and that they are collaborating with asml in a similar manner that TSMC did to snag early priority for EUV for N7 derivatives. If double euv layers can seamlessly be swapped for high na (while also getting the first units and many of the follow on units), then intel might be able to narrow their leading edge capacity deficit. This is assuming they can continue to find the capital to aggressively ramp their capacity in the mid-late 2020s, because frankly EU and NA CHIPS won’t allow intel the narrow the gap alone - even if they got the whole pie (which they won’t).

Also it is news to me that Samsung’s pdks are bad. I figured they were at least okay given how popular SF is. Is this an issue with the aggressive nature of recent Samsung nodes, or has this always been the case?
 

hist78

Well-known member
TSMC has out paced semiconductor growth for some time now due to IDMs going fabless or fab lite. AMD is a good example and there are many others. The foundry market is growing every year. TSMC is reported to have about 55% market share followed by Samsung, UMC, GF, SMIC, and others. I have not noticed any big market share changes in the last few years but someone else might have the actual numbers.

Intel has been a TSMC customer for many years due to acquisitions. From my memory, 15-20% of Intel wafers came from TSMC. This will be the first time however that Intel is using TSMC for internal products so it could be a big revenue jump in 2024 when Intel gets TSMC N3E based chips into their channels.

Wall Street is really missing the mark on TSM, absolutely.

"Intel has been a TSMC customer for many years due to acquisitions. "

It's not exactly how Intel started placing orders at TSMC years ago.

TSMC officially established in 1987. Right after that around 1988/1989, Intel then CEO Andy Grove and his team visited TSMC and gave TSMC about 200 suggestions for improvement.

TSMC then changed its manufacturing/operation process accordingly and started receiving orders from Intel.

Intel didn't agree to become one of the TSMC's founding investors but nevertheless Intel is one of the TSMC's important customers since the beginning.
 
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Mooredaddy

Active member
Really? High chance Intel will lead again at 18A?
If anyone knows Daniels does. But I find it highly unlikely personally. It seems to me everything will need to go right for Intel while simultaneously TSMC will have to stumble significantly. 🤷‍♂️
 
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nghanayem

Well-known member
Really? High chance Intel will lead again at 18A?
Assuming there are no slipups on anyone's roadmaps (a big IF from intel):

per intel's i4 whitepaper we know that N5 << i4 < N3. Per the statements of both companies N3 is ramping now, and i4 is about to ramp. From this we can say that MTL and N3 iphones will likely be coming out at a similar time.

From intel's roadmap the performance gain to i4 -> i3 is pretty beefy for an intranode improvement and should slightly narrow the gap to N3(E) (remember N3E is kind of what N3 should have been in the first place).

20A is supposed to enter HVM in the first half of 2024, so delivery of products is likely at the end of 2024/early 2025. N2 isn't due until 2025, and given TSMC's history we would assume that N2 products would be in the fall of 2025 with the iPhone. So assuming that 20A performance doesn't flounder, intel should have a small P&P victory with 20A until N2 comes out.

Given TSMC's history of moving to finFET/how they develop nodes it is fair to assume that N2 would have minimal (if any) density improvement over N3. This gives 18A which is supposed to go to HVM in 2H 2024 a real shot of not just taking P&P from N2, but a real shot of taking PP&A.

This all hinges on intel's execution of course, but if they do execute then the current roadmaps support intel having leadership (even if it is only a minor victory). All of this without requiring another slipup from TSMC (not that I think there is any need to worry about another N3 situation).
 
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nghanayem

Well-known member
"Intel has been a TSMC customer for many years due to acquisitions. "

It's not exactly how Intel started placing orders at TSMC years ago.

TSMC officially established in 1987. Right after that around 1988/1989, Intel then CEO Andy Grove and his team visited TSMC and gave TSMC about 200 suggestions for improvement.

TSMC then changed its manufacturing/operation process accordingly and started receiving orders from Intel.

Intel didn't agree to become one of the TSMC's founding investors but nevertheless Intel is one of the TSMC's important customers since the beginning.
How ironic.
 

Daniel Nenni

Admin
Staff member
"Intel has been a TSMC customer for many years due to acquisitions. "

It's not exactly how Intel started placing orders at TSMC years ago.
TSMC officially established in 1987. Right after that around 1988/1989, Intel then CEO Andy Grove and his team visited TSMC and gave TSMC about 200 suggestions for improvement.
TSMC then changed its manufacturing/operation process accordingly and started receiving orders from Intel.
Intel didn't agree to become one of the TSMC's founding investors but nevertheless Intel is one of the TSMC's important customers since the beginning.

What is the source? I only know about the acquisitions. What products did Intel run through TSMC back then?
 

hist78

Well-known member
What is the source? I only know about the acquisitions. What products did Intel run through TSMC back then?

I learned it from several publications and Dr. Chang's speech. It will take time for me to find the segment that Dr. Chang recalled the early days of Intel/TSMC collaboration.

In the meantime here is a Mercury News interview conducted in 2011 partially described the relationship.
https://www.mercurynews.com/2011/08...ceo-of-taiwan-semiconductor-manufacturing-co/

"Q: You created a new industry when you founded TSMC.

A: That model certainly affected the world semiconductor industry and, I think, the world electronics industry. I really had no competitors at the beginning. We were just a small company in Taiwan. (The semiconductor industry) didn’t pay much attention to us. They didn’t think we were going anywhere. We started in 1987. Later that year or in 1988, (Intel’s) Andy Grove visited Taiwan and decided to drop in and look at TSMC. I showed him we were getting good yields on 3-micron technology, which was 2 1/2 generations behind Intel and Texas Instruments, but we were getting yields and he was impressed. He said, “Maybe Intel can use you.” … By the early ’90s, fabless (companies) grew up like bamboo shoots. They needed us and we needed them."
 
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