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Dear Reader, Over the past few weeks, I’ve been urging my readers to claim their stake in what I believe to be the biggest IPO of the decade. And I’m glad I did. Because over the last 21 days, three critical events happened in rapid succession: ✓ March 17th: SpaceX crossed 10,000 active satellites in orbit. The estimated threshold for offering full service to most of the globe. Two-thirds of every satellite circling Earth now belongs to ONE company. ✓ April 1st: Elon filed the confidential IPO paperwork with the SEC. The public filing could drop any day now. And when it does, the stampede begins. ✓ April 6th: Another rocket launched carrying 25 more satellites. Proving SpaceX isn't slowing down. They're accelerating. Building the network that will become the world's first global internet carrier. SpaceX just hit every technical milestone it needed to justify going public. Everything I predicted is happening... right on schedule. And there's still a small window to get in BEFORE the public can buy shares. But that window is closing fast. The moment the public filing drops, millions of investors will learn about this opportunity for the first time. You won't be early anymore. You'll be competing with the crowd. And your shot at early gains will be gone forever. See how to claim your stake in SpaceX before it’s too late. We have so much to look forward to, Jeff Brown
Founder & CEO, Brownstone Research
Thursday's Exclusive Content
TSMC: Despite Post-Earnings Fall, Signs of AI Weakness are ScantAuthor: Leo Miller. Article Published: 4/18/2026. 
Key Points
- TSMC's latest earnings report saw the company post top and bottom line beats, while 2026 guidance saw an upward revision
- The company noted its "extremely robust" demand and is pushing its CapEx forecast up
- While the firm acknowledged multiple gross margin headwinds, these are features rather than bugs
- Special Report: Nobody Understands Why Trump Is Invading Iran (here’s the answer)
For another quarter in a row, Taiwan Semiconductor Manufacturing’s (NYSE: TSM) results showed no signs of the artificial intelligence (AI) buildout slowing. Quarterly figures were very robust, and the company issued a modest but meaningful guidance increase. Looking ahead, TSMC remains among the world’s best-positioned companies, benefiting from persistent AI demand. TSMC Posts Profit Beat, Forecasts More Than 30% Growth in 2026In Q1 2026, TSMC reported revenue of $35.9 billion, a year-over-year (YOY) increase of just under 41%. This was the company’s fastest YOY growth since Q2 2025 and slightly exceeded analysts' estimates of about $35.5 billion.
The company also impressed on the bottom line: diluted earnings per American Depository Receipt (ADR) came in at $3.49, up nearly 65% YOY and comfortably ahead of estimates of $3.26. Two factors drove the meaningful beat. TSMC's gross margin of 66.2% topped expectations (management had guided to 66%), and its operating margin of 58.1% exceeded guidance of 56%. Guidance for Q2 followed a similar pattern. TSMC expects sales between $39 billion and $40.2 billion, or $39.6 billion at the midpoint — implying YOY growth of about 32% and beating consensus of $38.09 billion. The company also slightly raised its full-year outlook, now forecasting revenue growth of over 30% YOY in U.S. dollar terms. Last quarter, it had guided to growth “close to 30%.” TSMC Sees Strong Demand Now, and in the FutureOn the broader AI front, TSMC made several encouraging remarks. Management said, "AI-related demand continued to be extremely robust.” It added that the shift from generative AI to agentic AI is “leading to another step up in the amount of tokens being consumed." In AI parlance, tokens measure interaction volume; higher token consumption translates into greater demand for TSMC’s chips. The company also expects 2026 capital expenditures (CapEx) to be at the high end of its $52 billion to $56 billion range. Higher CapEx signals stronger long-term demand as TSMC expands and upgrades facilities to meet customer needs. When asked why CapEx would trend higher, CEO C.C. Wei gave a blunt answer. He said, “A very simple answer is, the demand are very robust, especially from the [high performance computing] and AI applications.” TSMC added that its CapEx over the next three years will be “significantly higher” than the $101 billion spent over the prior three years, reflecting the company’s “strong conviction in the AI megatrend." TSMC Details Expected and Necessary Gross Margin DilutionsDespite the strength in AI demand, TSMC spelled out some headwinds. In 2026, the ramp-up of its N2 manufacturing node is expected to create a 2%–3% drag on gross margin. That is typical when new nodes scale up: initial costs are higher and wafer yields are lower while execution is refined. Over the longer term, more advanced nodes tend to enhance profitability. The company also expects the ramp of non-Taiwan fabrication sites to dilute gross margins by 2%–3% over the next few years, rising to 3%–4% later on. While not ideal, this impact was widely anticipated. Overseas expansion is a necessary trade-off: investing in U.S. and other foreign fabs helps mitigate tariff risk and reduces geographic concentration risk from having most capacity in Taiwan. China does not recognize Taiwan’s independence, and a scenario in which China attempts to seize the island would pose a severe threat to TSMC’s operations. Such an action would likely prompt a U.S. response given TSMC’s strategic importance, which is a key deterrent and underscores the importance of the company’s relationship with the United States. Needham Eyes Over 30% Gain After TSMC’s Impressive ReportAfter the results, TSMC shares fell about 3%. Still, it is hard to point to any obvious weaknesses in the report. The modest 2026 guidance increase and strong commentary on AI demand are clear positives. Notably, analysts at Needham and Company raised their price target to $480 — a roughly 15% increase that implied just over 30% upside at the time of the revision. . |
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