Sands Capital noted that TSMC's Q1 2026 revenue met expectations, gross margin exceeded expectations, and guidance implied continued strong performance throughout the year. The company remains the scaled manufacturing partner for many of the most advanced AI chips, with strong demand for leading-edge nodes and advanced packaging. The fund generated a net return of 26.9% in Q2 2026. As of August 6, TSMC's stock price was $418.20, up 71.68% over the past 52 weeks.