On July 21, TSMC rose 3.02% overnight, trading at $414.42/share, with turnover of $36.84 million.

On the news front, TSMC CFO Wendell Huang stated in a recent interview that the 2nm process has already generated initial revenue contribution in Q2 and will become a brand-new core growth driver entering Q3. He also noted that the company is rapidly converting existing 5nm production lines to the more advanced 3nm process to secure customer supply. Huang emphasized that AI chip demand is \"strong and will last many years,\" and that TSMC \"will never hand market opportunities to competitors.\"

Meanwhile, multiple institutions raised their target prices for TSMC following its strong Q2 results, which showed revenue of $40.2 billion (up 36% YoY) and gross margin of 67.7%. Barclays raised its target to $650, TD Cowen to $440, and D.A. Davidson to $500. The broader semiconductor sector also rallied, with the Philadelphia Semiconductor Index opening up 2%, as Micron Technology gained 3.84% and AMD rose 3.63%.

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