TSMC Earnings Call and US Stock Market Volatility

• TSMC (2330) held its earnings call today (15th), with the market focusing on its 3nm and 2nm production capacity, CoWoS advanced packaging expansion, and outlook for 2027. • Influenced by the US September CPI rising 3.7% year-on-year, exceeding expectations, the probability of the Federal Reserve raising interest rates in October has increased. US stocks closed lower overnight (Dow Jones slightly down, Nasdaq down 1.88%, Philadelphia Semiconductor Index down 4.30%). TSMC ADR fell 3.4%, bringing downward pressure to the Taiwan stock market today.