Now let’s begin the Q and A session. Operator, can we please proceed with the first caller on the line? Thank you.
Wendell Huang, Senior Vice President and CFO, TSMC: Yes. First one, Goku Hariharan, JPMorgan. Go ahead, please. Yes. Thanks.
Gokul Hariharan, Analyst, JPMorgan: C, Will and Jeff. Great results again. So on the AI front, C. C, I think you have met with pretty much everybody who is driving the Gen AI revolution over the last couple of months. And as you said, everybody seems to be a lot more positive.
I think we gave a guidance of mid-40s data center AI growth CAGR earlier this year until 2029. Anything that you see which should kind of change that number definitely feels like the growth today seems to be much stronger. And related to that, you did talk about the very detailed capacity expansion planning that TSMC does. In past technology cycles, TSMC CapEx has gone up significantly to prepare for the next upgrade or next leading node. But in this cycle, TSMC revenues have grown 50% from the previous peak in ’twenty two.
CapEx has only grown about 10%. So how should we think about the CapEx over the next couple of years? I know that you’re not giving numerical guidance yet, but just wanted to understand, like, are we looking at much higher CapEx in the next couple of years given all these conversations you’ve had? And Alex will follow-up on that. Okay.
Jeff Su, Director of Investor Relations, TSMC: first question sorry, Gokul, let me summarize for everyone’s benefit. So again, he wants to know firstly related to the AI related demand, if not everyone who is doing AI and many of the customers seem to be even more positive today. So I guess you would like to ask C. C. Sort of what are we seeing or hearing from our customers?
And then we had previously said that the next five years from 2024 to ’twenty nine, we expect AI Accelerator to grow at a mid-40s CAGR. Is there any update to this? I think this is the first part, then I’ll get to the second part on CapEx.
C.C. Wei, Chairman and CEO, TSMC: Wow. That’s a long question easily. Goku, the AI demand actually continue to be very strong, is more stronger than we saw three months ago, okay? So in today’s situation, we have talked to customer and then we talk to customers and customer. So the CAGR we previously we announced is about mid-40s.
But it’s still it’s a little bit better than that. We will update you probably in beginning of next year. So we have more clear picture. Today, the number are in Xian.
Jeff Su, Director of Investor Relations, TSMC: And then the second part of Gokul’s question related to CapEx. He notes that in the past when TSMC sees opportunities for higher growth, past cycles or past instances, we would step up the CapEx significantly to prepare to drive the future growth. But he knows this cycle actually, though while CapEx is increasing, the revenue is increasing even faster. So his question really, I think, how do we see this playing out over the next few years, both in terms of the CapEx spend and the growth relative to the revenue Wei:] growth? Okay.
Goku, every year we spend the CapEx based on the business opportunity in the following few years. As long as we believe there are business opportunities, we will not hesitate to invest. And if we do our job right, the growth of our business, of our revenue should outpace the growth of the CapEx. And that’s what we have been delivering in the past few years. Now going forward, assuming we’re doing a very good job, then we will continue to see that happening again.
So a company of our size, the CapEx number, it’s unlikely to suddenly drop significantly in any given year. When we continue to invest and our growth is outpacing our CapEx growth, then you will see the growth like what we have done in the past few years.
Gokul Hariharan, Analyst, JPMorgan: Understood. I know that it is unlikely to drop, but it is also likely to grow quite a bit given what Siti mentioned in terms of every customer asking you and every customer requesting you for capacity addition, right?
Jeff Su, Director of Investor Relations, TSMC: Yes. As I said, a higher level of CapEx is always going to be correlated with a higher growth opportunity. So as C. C. Said, next year looks to be a healthy year and we are confident on the megatrend that we’ll continue to invest.
Okay. Go ahead. Yes.
Gokul Hariharan, Analyst, JPMorgan: Maybe one more follow-up question from me. Sisi, I think last year also you gave us indication of how much co op capacity you would be building. I think you talked about 2x of doubling the co op capacity. It clearly feels like even that is not enough. Could you give us some idea about how much capacity would you be building next year just to get some idea about what you are seeing in terms of AI demand?
And also just to get some understanding of TSMC’s data center AI exposure up, I think last year, we talked about mid teens revenues.
Jeff Su, Director of Investor Relations, TSMC: Where do we end up this year? Do we end up close to like 30% of revenues coming from AI? So Okay. So Gokul, your second question, really, he wants to understand, can we provide any detail or colors on the CoWoS capacity plan for 2026 in terms of year on year increase? And also in terms of our definition of AI accelerator revenue, the narrow definition, how much will it contribute for 2025 revenue?
Is it 30%?
C.C. Wei, Chairman and CEO, TSMC: Welcome, this is C. C. Wei again. Talking about the cohorts capacity, all I can say is continue the three months ago, we are working very hard to narrow the gap between the demand and supply. We are still working to increase the capacity in 2026.
The real number, we probably update you next year. Today, all I want to say about AI everything related like front end and back end capacity is very tight. We are working very hard to make sure that the gap will be narrowed, but all I can say is we are working very hard.
Jeff Su, Director of Investor Relations, TSMC: Okay. Thank you, Gokul. I think we need to move on in the interest of time. So operator, can
Charlie Chan, Analyst, Morgan Stanley: we move to the next participant, please? Yes. Next one, Charlie Chan, Morgan Stanley. Go ahead, please.
Wendell Huang, Senior Vice President and CFO, TSMC: Thanks for taking my question. And again, congratulations for a very strong results, C. C. Wendell and Jeff. So my first question is really about your D niche demand.
As Siri just mentioned, your front end demand is also very strong into next year. But one of your major customers said that more so is that. I think his point is that by doing maybe system label innovation in the thermal, etcetera, can boost up more kind of performers. So just a kind of dumb question, how do you reconcile your very, very strong leading edge demand and the customer continue to migrate to your most advanced nodes and also you continue to recycle value, whereas the customer continue to think that more so is that can we get some clarification from TSMC? C.
Jeff Su, Director of Investor Relations, TSMC: All right. So Charlie’s question is very specific, although he wants us to comment on a customer saying Moore’s Law is dead, but how do we reconcile this with a very strong leading edge demand into 2026 and also with system level innovations?
C.C. Wei, Chairman and CEO, TSMC: Okay. Charlie, this is Xisi Wei. Yes, one of my customer, very important customer say, most of all is that, but what it means is it’s not only rely on the chip technology anymore. Now we have to focus on the whole systems of performance. So he wanted to he want to emphasize the whole systems of performance rather than just talking about the Moore’s Law, which is not enough to meet his requirement.
So again, we work very closely with his people and to design our technology both in front end and back end and also in all the packages to meet his requirement. That’s all I can say.
Jeff Su, Director of Investor Relations, TSMC: Thank you, C. C. H. Charlie. C.
Do you have a second question, Charlie?
Wendell Huang, Senior Vice President and CFO, TSMC: Yes, I do. It’s answering, Jeff. Yes. So anyway, I would interpret it as so called it more so two point zero that your co COO, Mr. Cliff Ho also comes here during the Semicon in Taiwan.
But anyway, thanks, C.C. For your commentary. And my second question is actually a follow-up from last quarter’s same question. Back then, I consulted you about the China AI GPU demand, right, whether you can seize the market opportunity because China sales video is extending their AI infrastructure very rapidly. But given the recent kind of back and forth between U.S. And China, whether China can really impose NVIDIA GPU, would that kind of discount your potential long term growth of the AI CAGR? Is that something that TSMC would worry about?
Jeff Su, Director of Investor Relations, TSMC: Okay. So Charlie’s second question is related around AI demand and specific to China with the sort of the export control and restriction. His question is, does that impact our ability to address the market Wei:] opportunity? And will this impact our AI CAGR growth if we are not allowed to
Wendell Huang, Senior Vice President and CFO, TSMC: fully Well,
Jeff Su, Director of Investor Relations, TSMC: serve China?
Wendell Huang, Senior Vice President and CFO, TSMC: Yes, I think it will be both sides, meaning restriction from The U. S. But also China government’s kind of discouragement to procure U. S. Chip.
Sorry for interruption.
C.C. Wei, Chairman and CEO, TSMC: Well, Charlie, those bigger tools, I have a confidence on my customers, both in graphic or in ASIC. They all performed very well. And so if the China market is not available, but I still think the AIs growth will be very dramatically. And as I said, very positive. And I have confidence that our customers’ performance and they will continue to grow and we will support them.
Wendell Huang, Senior Vice President and CFO, TSMC: So even with limited opportunity from China for the time being, you are still confident that a 40% CAGR or even higher can be achieved in coming years? You are right.
Jeff Su, Director of Investor Relations, TSMC: Great. Thank you. Thanks, gentlemen. Yes. Thank you, Charlie.
Operator, can we move on to the next participant, please?
Wendell Huang, Senior Vice President and CFO, TSMC: Yes. Next one, Sunny Lin, UBS. Go ahead, please.
Sunny Lin, Analyst, UBS: Congrats on the very strong gross margin. So my first question is how should we think about 2026? I understand we should get better color maybe into January, But just want to get some directional major puts and takes for gross margin trending going to 2026. Especially, how should we think about the gross margin impact from two nanometer ramp for 2026?
Jeff Su, Director of Investor Relations, TSMC: Okay. So Sunny’s first question is regarding gross margin. She would like to know directionally how do we see the gross margin for next year 2026 in terms of certain puts and takes and also if Wendell is able to comment specifically. Sunny,
Jeff Su, Director of Investor Relations, TSMC: I heard you right on the N2 dilution impact, correct? Yes, that’s right. Thank you. Okay. That’s her first question.
Okay. Sunny, yes, it’s too early to talk about 2026. But you already mentioned about the N2 dilution. And as all the new node when they just come out, the N2 will have dilution in our gross margin in 2026. But at the same time, the N3 dilution is gradually coming down and we expect the N3 to catch up to the corporate average sometimes in 2026.
The other factors includes like overseas fabs dilution, which will continue and which we said that it will be about 2% to 3% dilution in the early stage of the next several years. That will also be there. And also, we all saw the dramatic foreign exchange rate movement in the earlier part of this year. There’s no control. We don’t know where that will be.
But every percentage move of dollar against NT will affect our gross margin by 40 basis points. So that just give you some rough idea.
Sunny Lin, Analyst, UBS: You. Sorry, if I may. Yes, a very quick follow-up. And so on two nanometer, on the typical 2% to 6% dilution by new node for the first seven to eight quarters of mass production being a good reference for two nanometer as well for 2026?
Jeff Su, Director of Investor Relations, TSMC: Okay. So Sunny, a quick follow-up. She wants to know for the two nanometer dilution, if we’re able to provide any detail. And should can she still think about it in terms of seven to eight quarters or six to eight quarters dilution to reach the time, sorry, to reach the corporate average. Yes.
Sunny, let me share with you. N2 structure profitability is better than N3, okay? Now secondly, it’s less meaningful nowadays to talk about how long it will take for a new node to reach the corporate average in terms of profitability. And that’s because the corporate profitability, the corporate gross margin moves And generally, it has been moving upwards. So less meaningful to talk about that.
Okay?
Sunny Lin, Analyst, UBS: Got it. No problem. That’s very helpful. My second question, thank you for C. C.
A lot for sharing with us the details on how you think about the capacity expansions and planning. And so my question is now, call.ai is ramping a lot faster than the prior opportunities like smartphones and PCs. Yes, I think the demand for call.ai is also maybe harder to forecast. So just want to maybe get some more color from you that now versus the prior rounds of capacity expansions, what is TSMC doing differently versus before? And how do you ensure that while you are ramping up the capacities more quickly, while still having a good risk control?
Jeff Su, Director of Investor Relations, TSMC: Okay. Thank you, Sunny. So Sunny’s second question is regarding capacity planning and expansion in a capital intensive business. She knows this is very important. But in the past, smartphone and PC megatrends.
Today, it’s AI and cloud AI. She’s wondering, does that make this planning process more difficult to forecast? And what are we doing differently? Or how do we forecast this to make sure that we are investing appropriately? Sandeep, indeed,
C.C. Wei, Chairman and CEO, TSMC: right now because of I believe we are just in the early stage of the AI application. So very hard to make the right forecast at this moment. What do we do differently? We there’s a big difference because right now we pay a lot of attention to our customers as a customer. We talk to and then discuss with them and look at their applications, be it in the search engine or in social media’s application.
We talk with them and see how they view the AI application to those functions. And then we make a judgment about what the AI going to grow. And so this is quite different as compared with before we already talked to our customers and have an internal study. This is different. Did I answer your question?
Sunny Lin, Analyst, UBS: Got it. Thank you very much, D. C. Yes, yes, yes. And looking forward to the CapEx guide in January.
C.C. Wei, Chairman and CEO, TSMC: You’re welcome. All
Jeff Su, Director of Investor Relations, TSMC: right. Thank you, Sunny. Operator, can we move on to the next participant, please? Next one, Bruce Lu, Goldman Sachs. Go ahead, please.
Thank you for taking my question. I think Jensen talked about like $3,000,000,000,000 to $4,000,000,000,000 AI infrastructure opportunity by 02/1930, right? This compared to like $600,000,000,000 CapEx reason for this year implies for about 40% CAGR. This is similar to TSMC’s guidance for the AI growth, right? But for me, first of all, what I want to know is what’s the TSMC’s view for the AI infrastructure growth for the next five years?
And what’s TSMC’s forecast for the token growth rate in the next few years? TSMC used to provide like same industry growth, foundry growth and how much TSMC can outperform the industry, right? Given the context, can we assume like TSMC AI related revenue can track will track with the CapEx growth of AI or the major cloud service provider? Or should we expect even higher growth rate for TSMC considering you’re potentially getting Wei:] more value out of it? Okay.
Let me try to summarize your question, Bruce. He notes that one of our customers has highlighted a 3,000,000,000,000 to 4,000,000,000,000 infrastructure opportunity over the next few years compared to 600,000,000,000 yen current CapEx, implying a 40 something percent CAGR growth rate, which is similar to ours. Bruce’s question is he wants to know what is TSMC’s forecast or view for AI infrastructure growth. He would also like to know what is TSMC’s forecast or view for the token growth? And then what is TSMC’s AI related revenue growth?
Can it track that of the cloud service providers? And his question is, should it be even higher? Shouldn’t it be even higher given the value that we capture?
C.C. Wei, Chairman and CEO, TSMC: That’s actually several questions, but is that correct, Bruce? That’s right. Thank you. Well, Bruce, essentially just want to know that how accurate that we can predict that AI is a demand. We give you a number roughly in the mid-40s is a CAGR, not including all the infrastructures of Europe and also aligned with our major customers forecast or their view.
But more than that, I think if we are talking about the tokens, the number of tokens increase is exponential. And I believe that almost every three months will be exponentially increased. And that’s why we are still very comfortable that the demand on leading edge semiconductor is real. And as I continue to say that we look at all the demand and look at our capacity expansion, we need TSMC need to work very hard to narrow the gap. That’s what we are doing right now.
Existing number that we probably will share with you in next year, so that when we have a very better clear picture.
Jeff Su, Director of Investor Relations, TSMC: I think the no, I just have a quick follow-up. I’ll use that as my second question anyway. I think the question is that the token growth seems to be substantially higher than the AI related revenue guidance on TSMC, right? So the gap is actually enlarging if you compound in the outer years, right? That’s why that’s the differences between the what we see for the current TSMC outlook and the potential token consumptions, right?
So the gap is continuing to see an enlarging. How do we solve this? And do we really see that as a major issue as well? Okay. So Bruce’s second question, which is a follow on for Numis first, is that the token growth is growing at a much higher rate or exponentially than TSMC’s AI revenue growth, And this gap will only enlarge and widen in the next few years.
So he wants to know sorry, Bruce, basically what’s the implication Wei:] to TSMC or how do we see this? Is that correct?
C.C. Wei, Chairman and CEO, TSMC: Okay. Bruce, You are right. You are right. The tokens and the number of tokens increased exponentially is much, much higher than TSMC’s CAGR as we forecasted. But let me tell you that first, our technology continue to improve.
And so our customer moving from one node to the next node so that they can handle much more tokens number in their basic fundamental calculation. So that’s one thing. We progress very well from one node to the other node. And our customer working with TSMC to continuously to improve their performance. And that’s why when we say that we have about forty, forty five CAGR, but then the total number are exponentially increased because of our customer and TSMC’s technology combined that can handle much more or much efficient than before.
Did I answer your question?
Jeff Su, Director of Investor Relations, TSMC: I see. So you believe your no migration Wei:] plus your customer design change can fulfill or can meet the explain your growth for the token consumption? Exactly. Is that the conclusion? Yes.
Understand. Okay. Sorry, Bruce, that was your second question. Operator, Yes. We need to move on.
Thank you,
Wendell Huang, Senior Vice President and CFO, TSMC: Next one, Laura Chen, Citi. Go ahead, please.
Bruce Lu, Analyst, Goldman Sachs: Yes. Thank you very much for taking my questions. I appreciate Citi sharing your view on TSMC’s strategy on the AI capacity planning. I think along with very strong advanced node demand, I believe that advanced packaging like the Kokoa is also one of the focus for your AI clients they are now looking for. I recall that TSMC previously also planned to expand advanced packaging in Arizona.
So can you give us updates here? And also, I mean, for the time being, there’s very stretched demand at the moment. So with TSMC, we’ll work more closely with your own sales partner to fulfill the strong demand at the same time. That’s my first question. Thank you.
Jeff Su, Director of Investor Relations, TSMC: Okay. Thank you, Laura. So her first question is on capacity planning. We have talked earlier on the call about the planning for leading nodes. She wants to understand also on the co op capacity and specifically, I guess, packaging in Arizona and how do we work with our OSAT partners?
C.C. Wei, Chairman and CEO, TSMC: Okay. We have announced our plan to build two advanced packaging fab in Arizona and to support our customers. But at the same time, actually, right now we are working with the one OSAT, a big company and our good partner and they are going to build their fab in Arizona and we are working with them because they already breaking ground and the schedule is earlier than TSMC’s two advanced packaging fab and we are working with them. And our main purpose is to support our customer and so we can marry in The U. S.
Jeff Su, Director of Investor Relations, TSMC: Do you have a second question?
Bruce Lu, Analyst, Goldman Sachs: Yes. Certainly. Mean, obviously, we see that the advanced now advanced packaging is quite strong. And also, at the same time, we are also seeing that the migration is also happening for N2 and N3. So just wondering that from the revenue growth perspective, I know it’s still early to predict next year based on your guidance.
But I’m just wondering will it be more driven by the ASP increase because of the technology migration? TSMC will be able to sell your value or more that will be driven by the capacity or volume growth on both end to ramp up? And also, C. D, you mentioned some of the mild cyclical recovery. So that may also drive some of the volume growth into next year.
So just wondering like if you look at the growth outlook, that would be more driven by the technology upgrade ASP increase or also more like a volume? That’s my second question. Okay.
Jeff Su, Director of Investor Relations, TSMC: So Laura, again, second question is looking at 2026. She would like to understand what will be the key drivers of the growth. Is it more from the technology mix migration, things like N2? Is it more from ASP upgrade? Or is it more from just pure wafer volume growth?
Wendell Huang, Senior Vice President and CFO, TSMC: All right. Okay. Okay. You knew it, right?
Bruce Lu, Analyst, Goldman Sachs: It’s good. May I also follow-up that because we see that actually N3 is very tight. And at the same time, we are also kind of expanding on N2. And CT, you previously mentioned that you will migrate some of the even N7 and N6 and also N5 to N6. But specifically on N3, do we also need to add more capacity into next year on newly added capacity?
Jeff Su, Director of Investor Relations, TSMC: Sorry, Laura is saying that will next year, will we continue sorry, Laura, if I understand correctly, will we need to add new capacity? Will we continue to do conversion? What will we do to support the very strong demand
C.C. Wei, Chairman and CEO, TSMC: we see at leading edge next year? J. Well, let me answer that question. We continue to optimize N5, N3 capacity to support our customer. For the new building for the N3 capacity to expand, we put the new building for the N2 technology. That’s today’s plan. Okay.
Charlie Chan, Analyst, Morgan Stanley: Thank
Jeff Su, Director of Investor Relations, TSMC: you, Laura. Operator, in the interest of time, we’ll take the questions from the last two participants, please. Thank you.
Wendell Huang, Senior Vice President and CFO, TSMC: It’s one for Sankar, T. D. Cowen. Go ahead, please. Yes.
Laura Chen, Analyst, Citi: taking my question. My first one is, C. C, about ten years ago, back in the smartphone days, TSMC would talk about the revenue opportunity for TSMC per phone. So was wondering in today’s world, can you talk about how much one gigawatt of AI data center capacity could transfer in terms
Jeff Su, Director of Investor Relations, TSMC: of wafer demand or revenue for TSMC? And then I have a follow-up. Okay. So Krish’s first question, you noted in the past in the smartphone megatrend, we talked about the content per phone opportunity for TSMC. So now with AI, is there a way to frame or quantify We one gigawatt of data center capacity?
Is the revenue opportunity for TSMC?
C.C. Wei, Chairman and CEO, TSMC: Recently, as I said, AI demand continue to increase. And then my customers say that one gigawatt, they need about invest about RMB50 billion. Dollars How much of TSMC’s wafer inside? We are not ready to share with you yet because of a different approach. For two Got it.
No worries. And then a quick follow-up. Yeah. Excuse me. I just want to say that, you know, right now, it’s not only one chip.
Actually, it’s a many chip together to form a system. Right?
Laura Chen, Analyst, Citi: Got it. Got it. Very helpful for that. A little quick follow-up. Obviously, you first forecast long term trends and then build capacity towards that.
I’m kind of curious, when you look at the AI demand over the next several years, from a TSMC angle, does it matter whether it’s that demand is coming through a GPU or an ASIC? Does it have an impact on your revenue or gross margin mix?
Jeff Su, Director of Investor Relations, TSMC: Okay. Thank you, Krish. So his second question is, again, with our business outlook. Again, we forecast the long term trends. We plan our capacity, as Hishee said, in a thorough and disciplined manner.
His question is, what are the implications, for example, of I believe you said GPU versus ASIC in terms of the AI market? Do we have a preference or what is there a difference for TSMC? Is that correct, Krish?
Laura Chen, Analyst, Citi: C. That’s right. The impact to revenue and gross margin, whether it’s a GPU or ASIC.
C.C. Wei, Chairman and CEO, TSMC: Right. Okay. So Well, Krish, no matter with GPU or is that ASIC, it’s all using that our leading edge technologies. And from our perspective, we are working with our customer, and we all know that they are going to grow strongly in the next several years. So no differentiation in front of TSMC.
We support all kinds of types. Thank you
Jeff Su, Director of Investor Relations, TSMC: very much. Operator, can we take thank you, Krish. So we’ll take the question from the final participant, please.
Wendell Huang, Senior Vice President and CFO, TSMC: Yes. Last one off the line for Macquarie. Go ahead, please.
Charlie Chan, Analyst, Morgan Stanley: Sigee, Wingo and Jeff. Congrats on strong outlook. Asalai from Macquarie. So my question is about competition. So since you define the Foundry two point zero market and I wonder what’s the strategic initiative TSMC undertaking to further strengthening your competitive landscape and also in this broader ecosystem.
So some context, I got a question from a U. S. Investor as your clients have announced they invest in Intel. Okay.
Jeff Su, Director of Investor Relations, TSMC: So Arthur’s question is around competition. In the Foundry two point zero landscape, what strategic initiatives, what things are TSMC focusing on to further strengthen our competitive advantage? I think the last part, Arthur, you’re asking in the environment where one of our competitors in The U. S, how do we focus
C.C. Wei, Chairman and CEO, TSMC: on the competition? Is that correct? Yes. You, Keith. Okay.
Let me answer that one. When we introduce our foundry two point zero, we set the purpose that as I said one of my customers say that system performance is very important in these days, not only a single chip. And also let me share with you that our advanced packaging’s revenue is approaching close to 10% and is significant in our revenue and it’s important for our customer. So that’s why we introduced Foundry two point zero to capitalize this Foundry business. Now as usual, previously, we only look at the front end portion.
Now it’s the whole thing, the front end, the back end and also important for our customer. That’s why we introduced two point zero. Talking about our competition in The U. S, well, that competitor is happened to be our customer, very good customer. So in fact, we are working with them to for their both advanced product. Other than that, I don’t want to make any more comment.
Charlie Chan, Analyst, Morgan Stanley: You, G. Can I ask the one more question? Yes, you have two. So your second question, sure. Yes.
My second question is very quick on the end demand. So recall, since you last time mentioned that we should also monitor and worry about the prelude, especially in the consumer electronics. And then this quarter, our number suggests that there’s a Q o Q 19% growth in the smartphone. So my question is, do you still worry about the pre build? Thank you.
Okay. So Arthur, second question is on smartphone. Do we are we concerned about prebuild or sort
C.C. Wei, Chairman and CEO, TSMC: of I guess pulling prebuild from customers in that regard? No, we don’t worry about the prebuild because of when you have a prebuild, you have inventory. In these days, the inventory already go to that very seasonal level and very healthy. So no preview.
Jeff Su, Director of Investor Relations, TSMC: Thank you very much. Okay. Thank you, C. C. Thank you, Arthur.
Thank you, everyone. So this concludes our Q and A session. Before we conclude today’s conference, please be advised that the replay of the conference will be accessible within thirty minutes from now. The transcript will become available twenty four hours from now and both are going to be available through TSMC’s website at
www.tsmc.com. So thank you everyone for joining us today.
We hope you all continue to stay well and we hope you will join us again next quarter in early twenty twenty six. Thank you and have a good day.
