Evidence Intelligence
Your investment thesis
Management reiterated that advanced-node capacity remains sold out through 2027, with no near-term additions planned by competitors.
Analysts note gross margin guidance was raised for the third consecutive quarter despite elevated capex, citing pricing discipline.
Industry sources confirm no major new entrants have announced advanced-node fabs capable of competing before 2028.
A peer foundry disclosed capacity-expansion plans specifically targeting advanced-node nodes, with output expected by late 2027.
New subsidies announced for competing regional foundries could accelerate capacity additions faster than the thesis assumes.
Note flags that capex-to-revenue ratio is now above its 5-year average, questioning whether margin gains are sustainable. See Risk Intelligence →