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Pre-Market Movers: Earnings Winners Pop, Guidance Misses Get Punished

Quick Summary Earnings beats and upgrades are driving sharp upside gaps Weak guidance and regulatory risk are triggering heavy sell-offs Tech, healthcare and AI-linked names dominate volatility Gapping Up  Quince Therapeutics +81.7% Appointed LifeSci Capital to explore  strategic alternatives and restructuring Credo Technology +14.5% Issued  preliminary Q3 revenue well above guidance Ferrari +10.8% Q4 earnings beat  and order book now stretches to  end-2027 Entegris +9.5% Beat Q4 results and  guided Q1 above consensus Spotify Technology +8.5% Earnings beat , strong premium subscriber growth, and  margin improvement Datadog +7.0% Q4 beat and  Q1 revenue guidance topped estimates Oscar Health +6.6% Issued  strong FY26 revenue and operating earnings outlook Vistra Energy +4.2% Upgraded to  Buy  by Jefferies Unity Software +3.6% Oppenheimer upgrade to  Outperform Astera Labs +3.5% Ahead of earnings and announced  new AI design...
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TSMC Rides AI Wave as Surging Chip Sales and Tariff Relief Lift Outlook

Quick Summary

  • TSMC’s January revenue jumped 37% YoY, beating expectations

  • AI-driven demand is keeping capacity tight and sales strong

  • Potential US tariff exemptions could further boost demand from Big Tech

  • Stock is already up 17% year-to-date

What’s Driving TSMC Higher

Taiwan Semiconductor Manufacturing Co reported January revenue of NT$401.6 billion (US$12.7bn):

  • +20% quarter-on-quarter

  • +37% year-on-year

The pace of growth is ahead of TSMC’s own ~30% full-year growth guidance, reinforcing its central role in the global semiconductor supply chain.

AI Demand Keeps Capex Elevated

TSMC recently announced:

  • Up to US$56 billion in capex for 2026, +30% vs last year

  • High investment levels expected for the next three years

The spending spree reflects relentless demand for AI chips, particularly from hyperscalers and data-centre operators.

Tariff Relief: A Possible Bonus

According to the Financial Times, major US tech firms may be exempt from upcoming semiconductor tariffs, linked to TSMC’s pledge to invest US$165 billion in US manufacturing.

Why this matters:
If exemptions are granted, TSMC’s American customers could avoid cost increases, potentially pulling forward more orders.

Who Relies on TSMC

TSMC is a critical supplier to:

  • Nvidia (AI accelerators)

  • Apple (iPhone processors)

  • Qualcomm (mobile chipsets)

  • Advanced Micro Devices (CPUs, GPUs)

This makes TSMC one of the biggest beneficiaries of the global AI buildout.

Market Takeaway

  • Revenue momentum confirms AI demand remains red-hot

  • Tariff exemptions could be an upside catalyst

  • Heavy capex signals confidence, not caution

With its unmatched scale and customer base, TSMC remains the backbone of the AI semiconductor boom.

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