🚀 TSMC profits rise 39%

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Market Overview
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Year To Date Performances:

1. TSMC reported a 39% surge in third-quarter profit to a record NT$452.3 billion ($14.9 billion), beating expectations as relentless demand for AI chips powered growth. Revenue jumped 30% year-over-year to NT$989.9 billion, driven largely by its high-performance computing division, which includes AI and 5G chips and accounted for 57% of sales. CEO C.C. Wei said the company raised its 2025 revenue growth forecast to the mid-30% range, citing continued AI momentum from clients like Nvidia and Apple. Advanced chips (7nm and below) made up 74% of wafer revenue, while TSMC boosted its capital spending floor to $40 billion to expand capacity. Shares are up 38% this year.

2. Paxos, PayPal’s blockchain partner, accidentally minted an astonishing $300 trillion worth of PayPal USD (PYUSD) stablecoins in a “technical error” during an internal transfer, briefly flooding the Ethereum blockchain before burning the excess within 20 minutes. The company quickly clarified there was no security breach and that all customer funds remained safe. The glitch, which created more than double the world’s total GDP in digital dollars, underscored the fragility of trust-based stablecoin systems where dollar pegs rely on issuers’ assurances rather than blockchain mechanics. PYUSD, fully backed by U.S. dollar assets, remains the sixth-largest stablecoin globally with a $2.6 billion market cap.

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4. Nestle shares jumped 8% after new CEO Philipp Navratil announced plans to cut 16,000 jobs in a sweeping effort to boost efficiency and accelerate the company’s turnaround. The layoffs,12,000 white-collar roles plus 4,000 additional cuts over two years, build on an expanded cost-savings target of 3 billion Swiss francs by 2027. The restructuring comes amid leadership upheaval following the ouster of former CEO Laurent Freixe and Chairman Paul Bulcke’s early exit. Despite recent turbulence, Nestle posted 4.3% organic growth in the third quarter, driven by recovering sales of Nespresso and KitKat, helping lift Europe’s food and beverage sector more than 3% on Thursday.

   Headlines

   1. Alibaba claims it has already broken even on its AI investments, a sharp contrast to concerns that companies are overinvesting in AI.

   2. Microsoft is testing a new version of its AI Copilot that can run on local files.

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