Bible 3Q25 – Foundries: Strong set-up for TSMC into 2026. Downside risk for others.
Today, we are publishing the Foundry section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions.TSMC increased its 2025 growth outlook to 35%, as we anticipated. For other foundries, expectations were revised down 1pt to 9% growth in 2025, which implies a reasonable 2% sequential growth in 4Q. For next year, TSMC points to a strengthening AI outlook, with capacity remaining tight. We see room for upside to expectations of mid-20% growth. We are more cautious on other foundries: expectations of accelerating growth of 12% may be optimistic.
United Microelectronics is principally engaged in the manufacture or fabrication of integrated circuits, semiconductor parts and components across industries, including communication, consumer electronics, computer, and others. Through its subsidiaries, Co. is also engaged in investment holding; selling and manufacturing of solar power batteries and solar power cell; designing and manufacturing of light-emitting diode (LED); involving in insurance industries; provision of solar engineering integrated design services; operating photovoltaic power plant.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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