TSMC stock
On July 18, 2026, TSMC shares experienced a 4% decline despite the company reporting record second--quarter revenue of US$40.2 billion and a 77% surge in net income. The market's negative reaction was primarily driven by the company’s decision to raise its 2026 capital expenditure forecast to a range of US$60 billion to US$64 billion, up from the previous US$52 billion to US$56 billion. While the revenue growth of 33.7% year--over--year exceeded analyst expectations, the increased spending plan sparked investor concerns regarding the long--term margin profile and the capital efficiency of the current AI infrastructure investment cycle.