Investment Analysis Memorandum: TSMC Q3 2025 Earnings Review TO: Investment Committee FROM: Senior Semiconductor Industry Analyst DATE: October 17, 2025 SUBJECT: Analysis of Taiwan Semiconductor Manufacturing Company (TSMC) Q3 2025 Performance and Forward Outlook -------------------------------------------------------------------------------- 1.0 Third Quarter 2025 Performance Overview Taiwan Semiconductor Manufacturing Company (TSMC) delivered an exceptional third quarter for 2025, with financial results that surpassed both internal guidance and prior-year benchmarks. The performance underscores the company's robust operational execution and its indispensable role in supplying the world's most advanced semiconductors, particularly amid surging demand from the Artificial Intelligence (AI) sector. TSMC's key financial metrics demonstrate strong sequential and year-over-year growth, reflecting significant momentum heading into the final quarter of the year. Table 1: Q3 2...