Ever since TSMC upgraded its structural GM target from 50% to 53% or higher in 4Q21 earnings call, its GM never fell below 53%. The true test will come 2H25, especially in 4Q. As 4Q revenue comes down -10% q/q and NTD appreciation continues, GM will face a test. Cost improvements, mix and pricing will be key levers.
Source: Sravan Kundojjala
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