SemiAnalysis 指出台积电营收 $40.2B、毛利率 67.7%，营业利润率首次单季超过 60%，三项均创历史新高。N3 仍是 AI 周期的供给瓶颈，台湾、亚利桑那和日本各有新 N3 厂在建并伴随 N5 转换，N2 以更高定价进入，带动混合 ASP 同比 +14%。
台积电营收与毛利率创新高，结合 N3 产能瓶颈与 N2 定价数据，可看到 AI 需求如何传导到晶圆代工环节。
TSMC posted all-time highs in revenue ($40.2B), gross margin (67.7%), and operating margin (first quarter ever above 60%) because it is the only fab monetizing AI at scale. N3 remains the supply bottleneck of the AI cycle (three new N3 fabs coming in Taiwan, Arizona, and Japan, plus N5 conversions), and N2 entered the mix at premium pricing, lifting blended ASP by +14% y/y. Agentic AI is adding a CPU leg on top of accelerators, with x86, Arm, and RISC-V server designs all headed to N2. That demand picture is why capex is going vertical. (2/6)
来源：@SemiAnalysis_ · x.com