Taiwan Semiconductor Manufacturing (TSM  ) looks to hit new all-time highs with a strong earnings report Thursday before market open.Here are the earnings estimates and key items to watch.

Taiwan Semiconductor Manufacturing Q2 Earnings Estimates

Analysts expect TSM to report second-quarter revenue of $39.76 billion, up from $30.07 billion in last year's second quarter, according to data from Benzinga Pro.The revenue estimate would mark a new company record, surpassing the $35.90 billion reported in the first quarter.The company has beaten analyst estimates for revenue in 12 straight quarters.Analysts expect TSM to report second-quarter earnings per share of $3.77, up from $2.47 in last year's second quarter.The company has beaten analyst estimates for earnings per share in more than 15 straight quarters.

Key Items to Watch

TSM recently reported June revenue being up 6.2% month-over-month, with strong demand for AI chips cited as a reason for growth. The monthly revenue total was up 67.9% year-over-year.As a key supplier for NVIDIA Corp (NVDA  ), Apple Inc (AAPL  ) and Advanced Micro Devices (AMD  ), TSM's comments on quarterly results and demand could show what demand looks like and potential shortages for its chip customers.The company is expected to give an update on its second half outlook for the rest of the year, which could impact the stock price and also impact the overall semiconductor market based on the health of demand.CEO C.C. Wei said after first-quarter results that demand remains robust and customer feedback continues to point to a very positive outlook, reinforcing the company's conviction in a multi-year AI growth cycle. He added that AI adoption is driving higher computational needs, which in turn boosts demand for leading-edge chips.Commentary on demand and costs could put the stock under pressure or send shares to new highs.

Taiwan Semiconductor Manufacturing Stock Price Action

TSM stock is down 0.2% to $419.40 on Wednesday versus a 52-week trading range of $223.70 to $479.00. TSM stock is up 31.3% year-to-date in 2026 and up over 70% over the last 52 weeks.