TSMC's wafer ASPs grew 8 straight years through 2025 and will continue to grow in 2026 and beyond as new nodes come in and mix changes to HPC/AI. The pricing power is the key driver behind TSMC's 63-65% GM guidance for 1Q26. TSMC's wafer ASPs stayed near flat about 13 years (2005-2018) and then in just 7 years nearly tripled. EUV barrier effectively eliminated credible alternatives and gave TSMC the monopolist pricing power, selling a capacity-constrained product into massive demand.
Source: Sravan Kundojjala
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