• TSMC recorded a sequential increase of 13.6% in its revenue for Q2 2024 driven by the strong demand for 5nm & 3nm technologies. GM of 53.2 also top TSMC's guidance range of 51-53% due to improved UTR.
• Strong demand for AI semi could be further pricing upside for advanced nodes as advanced technology contribution keeps increasing and capacity remains restrained.
• Mature node foundries witnessed a modest improvement. UMC surprised the market with its Q2 2024 GPM reaching 35% due to the well-controlled utility cost.
• The visibility of mature node remains unclear because of the end-demand customers' conservative inventory management.
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