TSMC Budgets Forty Billion and Buys Into Customers

Equity joins orders as the foundry locks capacity to the labs that depend on it.

TSMC’s board approved a capital budget of about $40.93 billion on 10 November 2026, alongside authorisation to invest up to $500 million each in Anthropic and OpenAI, plus a separate investment vehicle capped at a further $500 million. The structure binds the foundry’s capacity to its largest AI customers through ownership as well as purchase commitments, tightening the loop between capacity, demand and equity. Equipment suppliers and advanced packaging providers, CoWoS included, are the most direct beneficiaries of the budget line; the equity stakes are small relative to cash but signalively lock in relationships.