On a trailing 12-month basis, TSMC's HPC business is now 2.03x its smartphone business (1Q26 TTM). This is the first time the ratio has crossed 2x and it has doubled in just 13 quarters (from 1.05x at 4Q22 to 2.03x today). Since the 4Q22 crossover, HPC TTM has grown from $31B to $77B (+148%, $46B of incremental revenue).
Smartphone TTM grew from $30B to $38B (+27%, $8B of incremental). HPC has generated nearly 6x the incremental revenue dollars of smartphone over the same window. Nevertheless, smartphone TTM just hit an ATH in 1Q26. It's still growing HSD % on ASP uplift.Source: Sravan Kundojjala
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