1. TSMC reported strong Q2 FY2025 results, exceeding expectations and raising its full-year revenue outlook due to robust AI demand and economic resilience; 2. Management noted no significant changes in customer behavior or signs of demand being pulled forward from H2 2025 despite tariff concerns; 3. Margins are projected to decline sharply in Q3 FY2025, with cautious capital expenditure plans reflecting policy and tariff uncertainties beyond 2025.