PRE-MARKET TAIWAN AND SINGAPORE STOCKS NEWS: TSMC (2330 TT) Q3 (TWD) net rose 68.7% Y/Y to 763.1bln (exp. 746.3bln), rev. rose 51% Y/Y to 1.49tln, raised FY26 USD revenue growth outlook to 44% from 40%

TSMC's print follows the pattern that has defined this AI capex cycle: foundry results have been the cleanest high-frequency read on accelerator demand, and upside surprises here have historically been transmitted less through the stock itself than through the peer set, with memory, substrate and equipment names and the broader Taiwan tech complex trading off the guidance line rather than the quarter. The beat on net and revenue is modest relative to the headline moves; the more market-relevant items are the Q4 revenue guide coming in well above consensus and the raised FY26 growth outlook, since forward guidance at this company has tended to be set conservatively and revised up through the year when order visibility holds. Affirmed capex alongside a higher revenue trajectory is the tell the AI supply chain watches: it signals the capacity buildout is demand-backed rather than speculative, which has historically been supportive for the equipment names in particular. The distinction worth drawing is between node-driven pricing at leading edge, which is margin-accretive, and mature-node utilisation, which lags; the gross margin lift here points to the former. Follow-ons are the earnings-call colour on advanced-node capacity and any detail on the Terafab talks and further US expansion, which carry geopolitical weight given the precedent of tariff and export-control exposure shaping prior overseas build decisions.