TSMC heads into its October 15 earnings call with record quarterly sales and bullish analyst calls, good news for chip investors, though Taiwan's stock market is wobbling at record highs.

• TSMC's revenue growth sped up through the summer, with September sales up more than half from a year earlier on AI chip demand.
• Analysts see Q3 profit per share near NT$28 and expect even faster growth this quarter, with full-year earnings possibly topping NT$108 a share.
• TSMC still looks cheap next to Intel and AMD, so an upbeat forecast could push the stock sharply higher.
• Taiwan's market has run up 74% and just crossed 49,000, but it dropped over 1,000 points early today and TSMC fell below NT$2,500.
• Money is shifting out of actively managed Taiwan ETFs into passive ones, even as one active fund doubled in size after announcing its first payout.

Outlook: If TSMC raises its guidance and sounds confident about AI demand into next year, it becomes the main engine for another leg up in Taiwan stocks before year-end.