Semiconductor leaders such as Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) and its key customers—including Nvidia Corp. (NASDAQ:NVDA), Advanced Micro Devices Inc. (NASDAQ:AMD), Broadcom Inc. (NASDAQ:AVGO), Apple Inc. (NASDAQ:AAPL) and Qualcomm Inc. (NASDAQ:QCOM)—are entering the next phase of advanced chip adoption, as Futurum Equities, Head of Semiconductor & Infrastructure Equity Research, Rolf Bulk lays out demand trends, pricing strategy and margin implications.
2nm Adoption Builds Gradually Despite Strong Demand
Bulk told CNBC on Friday that demand for 2-nanometer chips is expected to be strong, with major AI and smartphone players positioning to adopt the new node and its derivatives.
However, he noted that the revenue contribution will remain limited in the near term, likely staying below 10% even in the later part of the year, as Taiwan Semiconductor scales production from a large base.
He added that while the company has historically executed well on yields, the early ramp of 2nm could pressure gross margins in the back half of 2026, potentially contracting by a few points from the current 66% level, which is already up about seven percentage points year-over-year.
Differential Pricing Strategy Lifts Long-Term Margins
Bulk said Taiwan Semiconductor is likely to adopt differentiated pricing for 2nm chips based on customer segments. He explained that AI-focused customers such as Nvidia, AMD, and Broadcom operate with higher margins and can absorb higher prices than smartphone players like Apple and Qualcomm.
As a result, he expects Taiwan Semiconductor to introduce multiple variants of the 2nm node with tiered pricing. He estimated a baseline wafer price of around $30,000 for 2nm, up from roughly $24,000 for 3nm, indicating a significant premium. He added that this pricing power should drive margin expansion again in 2027 after the near-term pressure.
Supply Chain Risks Offset By Strategic Priority
Bulk said geopolitical risks and supply constraints—particularly around critical materials like helium—are becoming a growing concern for the semiconductor industry.
However, he emphasized that Taiwan Semiconductor’s position as the only leading-edge foundry makes it central to the global AI value chain.
He said this strategic importance would likely ensure priority access to critical materials, allowing the company to maintain production of advanced chips even if supply bottlenecks emerge.
TSM Price Action: Taiwan Semiconductor shares were up 0.38% at $364.74 during premarket trading on Friday, according to Benzinga Pro data.
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