Analysts Expect Another Record Quarter From TSMC Even As AI Spending Debate Sharpens

TSMC is due to report results, and analysts at JPMorgan and Citigroup both expect further revenue growth after a quarter that already set a record, according to MarketWatch. TSMC's foundry business manufactures chips for Nvidia, Apple and other major AI and consumer electronics customers, making its results a proxy for demand across the chip supply chain. That expectation sits alongside more cautious commentary elsewhere on the desk. One analysis argues that AI capital expenditure has a Federal Reserve problem: continued heavy spending on AI infrastructure depends partly on financing conditions that the Fed controls, and a separate piece warns of a 2008-style doom loop building in tech, where circular financing arrangements between chipmakers, cloud providers and AI startups could amplify any slowdown. The tension is between near-term demand, which still looks strong enough to produce another record quarter at TSMC, and medium-term financing risk, which several commentators flag without yet pointing to a specific trigger date. TSMC's actual results will be the first concrete test of which view the market prices in next.