TSMC stock
On October 21, 2026, Moody's Ratings upgraded Taiwan Semiconductor Manufacturing Co.'s (TSMC) issuer and senior unsecured ratings to "Aa2" from "Aa3", revising the rating outlook from positive to stable. The credit agency attributed the upgrade to TSMC's technological leadership in advanced process nodes, dominant foundry market share, and strong structural demand for artificial intelligence accelerators. Moody's emphasized TSMC's balance sheet resilience, supported by approximately NT$4.0 trillion in cash and liquid reserves and an adjusted debt--to--EBITDA ratio around 0.3x, forecasting annual revenue expansion of 30% to 45% over the next 12 to 18 months to comfortably fund ongoing global manufacturing footprint expansions in the United States, Japan, and Germany.