Global Foundry Push Puts TSMC’s Capital Efficiency to the Test

TSMC projects that its overseas manufacturing expansion will reduce consolidated gross margins by nearly two percentage points in 2026, with the impact widening to three to four points as the program advances. The company plans to allocate $60 billion to $64 billion in capital expenditures this year, while its latest outlook points to fourth-quarter revenue near the upper end of its guidance range.

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