TSMC’s 2nm Capacity Fully Booked as Typhoon Delays Monthly Sales Report

S&P upgrades TSMC to AA- as 2nm capacity fully booked for 2026; June revenue delayed by Typhoon Bavi; stock drops 3.28% but YTD gains 40%.

Taiwan Semiconductor Manufacturing Co. has started the second half of 2026 with an unusual combination of developments: a typhoon that has postponed its June revenue release, a credit-rating upgrade from S&P Global, and confirmation that its next-generation 2-nanometer capacity is effectively sold out for the entire year. The stock closed Friday at €383.00 in Europe, a modest 0.13% gain, but the week carried a 3.28% loss as investors digested a mixed set of signals.

S&P Global raised TSMC’s long-term credit rating to AA-, citing the chipmaker’s exceptional balance-sheet strength. Even with capital expenditure running at the top of the previously guided range of $52bn to $56bn for the year, the company continues to generate robust free cash flow, the agency noted. The upgrade reinforces confidence that TSMC can fund its aggressive global fab buildout in Taiwan, the United States and Japan without straining its finances.

The supply picture remains intensely tight. Reports over the past two days indicate that TSMC’s entire 2nm “N2” capacity for 2026 has been booked, with Apple and Nvidia securing the lion’s share of the initial allocation. This demand persists despite the emergence of cheaper 2nm chips from Japanese rival Rapidus. At the same time, the company is pushing through price increases of 5% to 10% on its most advanced processes, reflecting the continuing imbalance between supply and the insatiable appetite for AI compute chips.

Typhoon Bavi swept into northeastern Taiwan in late July, shutting schools and factories across the island and dumping heavy rainfall on Hsinchu and Miaoli, where TSMC’s main facilities are located. As a result, the company delayed the release of its June revenue figures by a few days to mid-July. Analysts still expect a record monthly figure of over NT$400bn, underscoring the strength of the quarter. Management, including CEO C.C. Wei, has expressed confidence in the second quarter and the full-year outlook.

Despite the weekly dip, TSMC’s longer-term momentum is intact. The stock trades 8.92% below its 52-week high of €420.50 reached in early July, but it remains well above the 200-day moving average of €294.14. Year-to-date gains stand at 40.29%, and the 12-month return is nearly 95%. The 14-day relative strength index of 50.7 points to a neutral market stance, suggesting investors are waiting for concrete data before making fresh bets.

Market attention now shifts to the second-quarter earnings report due in July, which carries more weight than the delayed June figures. Analysts forecast revenue of roughly $40bn, a 33% jump from the same period last year. Key focus areas include CoWoS advanced packaging capacity — reportedly booked solid through 2026 and partly into 2027 — as well as pricing power on processes from 7nm down, and signals on the capex trajectory. The company’s third-quarter forecast and any adjustment to the full-year revenue growth target of above 30% in US dollars will be critical in determining the share price direction for the rest of the month.