TSMC is riding the AI chip boom to record results, good news for its shareholders and for Nvidia and AMD, though the wider chip trade is suddenly shaky.

• Third-quarter sales came in above the top end of TSMC's own forecast, and profit is set to jump sharply from a year ago — a sixth straight record quarter.
• Growth is speeding up, not slowing: revenue is up more than 40% so far this year, with monthly sales growing even faster over the summer.
• AI demand is the engine, with Nvidia expecting its chip sales to double again next year and AMD adding capacity through 2027.
• TSMC is expanding its most advanced 2nm and 3nm production and plans to raise prices on those chips next year, which should lift both sales and margins.
• The stock is up almost 400% in three years, and analysts think it can double again by 2030 — but chip stocks across Asia fell hard today, with Tokyo and Seoul down sharply.

Outlook: Earnings and pricing power point up for TSMC into 2027, but a jittery market means the ride higher will come with big swings.