TSM — Q2 2026 Earnings Preview
Taiwan Semiconductor Manufacturing Co. | Call: July 16, 2026 at 2:00 AM ET | ~$1.95T market cap | Preview date: June 5, 2026
Earnings Call
Jul 16
2:00 AM ET — 41 days away
Q2 Revenue Guide
$39.0–40.2B
+32% YoY at midpoint · +10% QoQ
Consensus EPS
$3.78/ADR
+53% YoY · Consensus above guide midpoint
Beat Rate (12 quarters)
100%
Avg EPS beat +9.6% · 12/12 consecutive
Q2 2026 GM Guide
65.5–67.5%
Q1 2026 actual: 66.2% · N3 crossing corp avg in H2
FY2026 Revenue Guide
>+30%
USD growth · Consensus ~$164B (+34% YoY)
FY2026 CapEx Budget
$52–56B
+35% vs. FY2025 $40.9B · Record spend
HPC Revenue Share
~61%
Q1 2026 · AI accelerator CAGR raised to 54-56%
Investment Setup: Q3 2026 Guidance is the Market-Moving Print. Margin Sustainability and AI Demand Durability are the Swing Factors.
1. Q3 2026 Revenue Guidance (most important data point): Consensus expects ~$42-44B (+7-10% QoQ). Q3 is seasonally TSMC's strongest quarter (iPhone ramp + datacenter buildouts). A guide above $44B signals sustained AI re-acceleration into the Rubin ramp and H2 product cycles. A guide below $41B would raise demand deceleration concerns and likely trigger a -5 to -8% reaction. Management has beaten guidance midpoint in 7/7 quarters.
2. Gross Margin Sustainability Above 65%: Q1 2026 delivered 66.2% — a new record. Q2 is guided 65.5-67.5%. N3 is expected to cross above corporate average profitability in H2 2026, a structural tailwind. However, N2 ramp dilution (2-3% full-year) and overseas fab costs (2-4%) are embedded headwinds. Every 100bps of GM = ~$0.12-0.14 EPS at current revenue run-rate. The 15% price hike on 3nm in H2 2026 is the key offset to watch.
3. AI Demand Durability — Agentic AI Driving Token Volume Explosion: C.C. Wei explicitly framed the shift from generative AI to agentic AI as "another step up in token consumption." Hyperscaler CapEx at $725B (+77% YoY) with no pullback signals. NVIDIA's $95B+ in purchase obligations to TSMC. The question is whether this demand is structural or cyclical — management's June 4 AGM comment that supply shortage will last "years" is the strongest signal yet.
Guidance provided at Q1 2026 earnings call (April 16, 2026). Q2 2026 revenue not yet pre-released.
| Metric | Guide Low | Guide High | Guide Mid | Consensus |
|---|---|---|---|---|
| Revenue (USD$B) | $39.0B | $40.2B | $39.6B | ~$40.1B |
| Gross Margin (%) | 65.5% | 67.5% | 66.5% | ~66.8% |
| Operating Margin (%) | 56.5% | 58.5% | 57.5% | ~57.8% |
| EPS ADR (diluted USD) | — | — | — | $3.78 |
| Revenue YoY Growth | — | — | +31.6% | ~+33.2% |
Consensus sits at the high end of guidance — $40.1B vs. $39.6B midpoint. This reflects TSMC's established pattern of conservative guidance: the company has beaten its own revenue midpoint in 7/7 quarters, with an average beat of +2.4%. Gross margin consensus at 66.8% implies the Street expects another beat above the 66.5% midpoint.
| Q3 2026 Scenario | Sequential Growth | Q3 2026 Revenue | Market Read |
|---|---|---|---|
| Bear | +3% | ~$41.0B | Demand deceleration signal — stock -5 to -8% |
| In-Line | +7–8% | ~$42.5–43.0B | Stock flat to +3% — meets seasonal expectations |
| Bull | +10% | ~$44.0B | AI re-acceleration into Rubin ramp — stock +5 to +8% |
| Strong Bull | +12%+ | $45B+ | Blowout demand; FY raise likely — stock +8 to +12% |
Revenue (USD$B) — Quarterly
| Quarter | Revenue | YoY % |
|---|---|---|
| Q1 2024 | 18.87 | — |
| Q2 2024 | 20.82 | — |
| Q3 2024 | 23.50 | — |
| Q4 2024 | 26.88 | — |
| Q1 2025 | 25.53 | +35.3% |
| Q2 2025 | 30.07 | +44.4% |
| Q3 2025 | 33.10 | +40.9% |
| Q4 2025 | 33.73 | +25.5% |
| Q1 2026 | 35.90 | +35.1% |
| Q2 2026E | $39.0–40.2B | +30–34% YoY |
Revenue trajectory: +35.3%, +44.4%, +40.9%, +25.5% (base effect), +35.1%, then guided +32% — AI demand trajectory unbroken through 6 consecutive quarters of 25%+ YoY growth.
Margins — Gross & Operating (%)
| Quarter | Gross Margin | Operating Margin |
|---|---|---|
| Q1 2024 | 53.1% | 42.0% |
| Q2 2024 | 53.2% | 42.5% |
| Q3 2024 | 57.8% | 47.5% |
| Q4 2024 | 59.0% | 49.0% |
| Q1 2025 | 58.8% | 48.5% |
| Q2 2025 | 58.6% | 49.6% |
| Q3 2025 | 59.5% | 50.6% |
| Q4 2025 | 62.3% | 54.0% |
| Q1 2026 | 66.2% | 58.1% |
| Q2 2026E | 65.5–67.5% (guided) | 56.5–58.5% (guided) |
Gross margin expanded 1,310 bps from Q1 2024 (53.1%) to Q1 2026 (66.2%). TSMC has beaten GM guidance midpoint in 7/7 quarters with an average beat of +189 bps. The 15% price hike on 3nm in H2 2026 is a structural tailwind.
EPS — ADR Diluted USD
| Quarter | EPS | YoY % |
|---|---|---|
| Q1 2024 | $1.38 | — |
| Q2 2024 | $1.48 | — |
| Q3 2024 | $1.94 | — |
| Q4 2024 | $2.24 | — |
| Q1 2025 | $2.12 | +53.6% |
| Q2 2025 | $2.47 | +66.9% |
| Q3 2025 | $2.92 | +50.5% |
| Q4 2025 | $3.14 | +40.2% |
| Q1 2026 | $3.49 | +64.6% |
| Q2 2026E | $3.78 | +53.0% YoY est. |
FY2025 EPS: $10.65 ($2.12 + $2.47 + $2.92 + $3.14). FY2026 consensus: ~$15.28 (+43.6% YoY). Quarterly build: Q1 $3.49 (actual) + Q2E $3.78 + Q3E ~$4.10 + Q4E ~$4.30 = ~$15.67.
Platform Revenue Mix (%)
| Quarter | HPC (AI/DC) | Smartphone | Automotive | IoT |
|---|---|---|---|---|
| Q2 2024 | 52% | 33% | 5% | 6% |
| Q3 2024 | 51% | 34% | 5% | 7% |
| Q4 2024 | 53% | 35% | 4% | 5% |
| Q1 2025 | 59% | 28% | 5% | 5% |
| Q2 2025 | 60% | 27% | 5% | 5% |
| Q3 2025 | 59% | 28% | 5% | 5% |
| Q4 2025 | 53% | 35% | 4% | 5% |
| Q1 2026 | 61% | 26% | 4% | 6% |
| Q2 2026E | ~59-62% | ~27-29% | ~4-5% | ~5-6% |
HPC share hit 61% in Q1 2026 — the highest ever outside of Q4 seasonal patterns. AI accelerator CAGR raised to 54-56% (from mid-40s%). Smartphone likely ticks up sequentially as Apple begins new product ramp. Auto remains muted on legacy nodes.
Management Tone Trajectory: Peak Bullish and Accelerating
| Quarter | Tone | Key Message |
|---|---|---|
| Q2 2025 (Jul) | Positive | AI CAGR "mid-to-high 50%" through 2029; N3 demand exceeding supply; "very strong" demand |
| Q3 2025 (Oct) | Strongly Positive | N2 yields tracking ahead; AI share rising; "megatrend is real"; tariff uncertainties mentioned |
| Q4 2025 (Jan) | Most Confident in Years | N2 in HVM; FY2026 +30% revenue; CapEx $52-56B; "unprecedented AI demand"; $50B Arizona investment |
| Q1 2026 (Apr) | Peak Bullish | "Extremely robust" AI demand; agentic AI driving token explosion; AI CAGR raised to 54-56%; record 66.2% GM |
Bull / Bear Factor Analysis — Entering July 16
| Factor | Bull Read | Bear Read | Tilt |
|---|---|---|---|
| AI Demand / Hyperscaler CapEx | $725B hyperscaler CapEx (+77% YoY); NVIDIA $95B+ purchase obligations; no pullback signals | Potential inventory digestion in late 2026/early 2027 | STRONG BULL |
| Gross Margin Trajectory | N3 crossing corporate avg in H2; 15% price hike on 3nm; CoWoS becoming profit driver | N2 ramp dilution 2-3%; overseas fab costs 2-4%; FX headwind possible | BULL |
| N2 Node Ramp | Yields 65-75% and improving; 70+ tape-outs; "strongest ever customer adoption"; all 2026 capacity booked | Dilutes GM 2-3pp in FY2026; ramp costs front-loaded | BULL |
| Arizona Fab Economics | Fab 1 profitable; yields surpass Hsinchu by 4pp; $20B capital injection approved | Structural cost premium vs. Taiwan; 30% leading-edge target "slipping out of reach" | BULL |
| Competitive Moat | Samsung yields struggling; Intel foundry subscale; MediaTek rejected Samsung bundled offer | Customer diversification discussions (Apple/Samsung/Intel) | BULL |
| Beat Track Record | 100% beat rate over 12 quarters; avg EPS beat +9.6% | Street has raised consensus — bar is higher; stock near 52-week highs | BULL |
| Geopolitical / Tariffs | Arizona investment provides tariff hedge; semiconductor tariffs largely exempt domestic use | China developing alternatives (Hua Hong 7nm, Huawei Ascend); Taiwan concentration risk | NEUTRAL |
| Pricing Power | 15% 3nm hike in H2 2026; 5-10% more in 2027; Wei confirmed intent at AGM | Wei also said TSMC will "refrain from suddenly raising prices" — strategic restraint | BULL |
Revenue: Guidance vs. Actual — Last 7 Quarters
| Quarter | Guided Range | Midpoint | Actual | Beat ($B) | Beat % |
|---|---|---|---|---|---|
| Q3 2024 | $22.4–23.2B | $22.80B | $23.50B | +$0.70B | +3.1% |
| Q4 2024 | $26.1–26.9B | $26.50B | $26.88B | +$0.38B | +1.4% |
| Q1 2025 | $25.0–25.8B | $25.40B | $25.53B | +$0.13B | +0.5% |
| Q2 2025 | $28.4–29.2B | $28.80B | $30.10B | +$1.30B | +4.5% |
| Q3 2025 | $31.8–33.0B | $32.40B | $33.10B | +$0.70B | +2.2% |
| Q4 2025 | $32.2–33.4B | $32.80B | $33.73B | +$0.93B | +2.8% |
| Q1 2026 | $34.6–35.8B | $35.20B | $35.90B | +$0.70B | +2.0% |
| Q2 2026 | $39.0–40.2B | $39.60B | TBD Jul 16 | — | — |
Average Revenue Beat (last 7Q): +$0.69B / +2.4% above midpoint. Beat magnitude has expanded — the trailing 4Q average is +2.9% vs. +1.7% for the prior 3Q. Applying the historical beat to Q2 2026 guidance midpoint implies ~$40.5-41.0B actual revenue.
Gross Margin: Guidance vs. Actual — Last 7 Quarters
| Quarter | Guided Range | Midpoint | Actual | Beat (bps) |
|---|---|---|---|---|
| Q3 2024 | 53.5–55.5% | 54.5% | 57.8% | +330 bps |
| Q4 2024 | 57.0–59.0% | 58.0% | 59.0% | +100 bps |
| Q1 2025 | 57.0–59.0% | 58.0% | 58.8% | +80 bps |
| Q2 2025 | 57.0–59.0% | 58.0% | 58.6% | +60 bps |
| Q3 2025 | 55.5–57.5% | 56.5% | 59.5% | +300 bps |
| Q4 2025 | 59.0–61.0% | 60.0% | 62.3% | +230 bps |
| Q1 2026 | 63.0–65.0% | 64.0% | 66.2% | +220 bps |
| Q2 2026 | 65.5–67.5% | 66.5% | TBD Jul 16 | — |
Average GM Beat (last 7Q): +189 bps above midpoint. Applying the pattern to Q2 2026 implies ~68.0-68.5% actual GM — which would be a new all-time high driven by N3 margins crossing corporate average and favorable HPC/AI mix.
| Catalyst | Timing | Consensus Expectation | Signal / Evidence | Impact |
|---|---|---|---|---|
| Q3 2026 Revenue Guidance | July 16 | ~$42.5-44.0B (+7-10% QoQ) | Q3 seasonally strongest; iPhone ramp + Rubin + datacenter buildouts | TIER 1 |
| Gross Margin Sustainability | July 16 | 66.5-67.5% guided; consensus 66.8% | N3 crossing corp avg in H2; 15% 3nm price hike; CoWoS at 7nm ASP levels | TIER 1 |
| N2 Ramp Update | July 16 | Yields 75-80%; all 2026 capacity booked | 70+ tape-outs; Apple, NVIDIA, AMD, Google, Amazon confirmed; premium ~$30K/wafer ASP | TIER 2 |
| AI/HPC Revenue Share | July 16 | ~59-62% of Q2 wafer revenue | Q1 hit 61%; AI accelerator CAGR raised to 54-56%; agentic AI driving token surge | TIER 2 |
| CoWoS Capacity Update | July 16 | Targeting 130K WPM by year-end 2026 | Nearly 4x from 2023 levels; AP7 Chiayi becoming world's largest packaging hub | TIER 2 |
| FY2026 Guidance Reaffirmation | July 16 | >+30% USD revenue — unequivocal language | Wei reiterated at June 4 AGM; consensus at ~$164B (+34% YoY) | TIER 2 |
| Pricing Strategy Commentary | July 16 | 15% 3nm hike in H2 2026 confirmed | Wei confirmed pricing intent at AGM; supply-demand gap persists "years" | TIER 3 |
| Arizona Fab Progress | July 16 | Fab 2 tool install Q3 2026; production H2 2027 | $20B capital injection approved May; Fab 1 profitable; yields exceed Taiwan | TIER 3 |
| CapEx FY2026 Update | July 16 | $52-56B (guided Q4 2025, reiterated Q1 2026) | Consensus $54B; any raise signals demand exceeding plan | TIER 3 |
| Customer Product Launches (H2) | July 16 | iPhone 17 (3nm), Rubin (N3), AMD MI400 (N2) | Multiple product cycles converging in H2 2026 across mobile, HPC/AI, and PC | TIER 3 |
Tier 1 Alert: Q3 Revenue Guidance and Gross Margin Are the Market-Moving Prints
Q3 guide below $41B = demand deceleration concern (-5 to -8%). $42-43B = in-line to modest beat. Above $44B = AI re-acceleration signal (+5 to +10%). Gross margin at or above 67.5% (top of guide) would signal structural margin expansion above consensus. Any guide below 65% would be a negative surprise.
Peer Calendar — Critical Read-Throughs
| Date | Ticker | Company | Period | Relevance |
|---|---|---|---|---|
| Jul 15, 2026 | ASML | ASML Holding | Q2 2026 | 1 DAY BEFORE — WFE demand; EUV order book; direct N2/A16 capex read-through |
| Jul 23, 2026 | INTC / Samsung | Intel / Samsung | Q2 2026 | Foundry competition update; Samsung 2nm yields; Intel external customer wins |
| ~Aug 4, 2026 | AMD | Advanced Micro | Q2 2026 | Key HPC/AI customer on N3/N2 nodes; MI400 ramp timing |
| Aug 26, 2026 | NVDA | NVIDIA | FQ2 FY2027 | Largest HPC customer; Rubin ramp; AI GPU demand — reports 6 weeks after TSM |
| Sep 2, 2026 | AVGO | Broadcom | FQ3 2026 | Custom ASIC (Google TPU, Meta MTIA); guided $29.4B (+84% YoY) for FQ3 |
| Date | Headline | Detail | Thesis Impact |
|---|---|---|---|
| Apr 22 | TSMC Unveils Roadmap Through 2029; A16 Delayed to 2027 | A12, A13, N2U announced at North America Technology Symposium. No High-NA EUV through 2029 (cost-positive). A16 volume production pushed from H2 2026 to 2027. | Neutral — A16 delay widely telegraphed; cost discipline on High-NA EUV is positive |
| Apr 28 | CoWoS Wafer ASP Reportedly Nears 7nm Levels | Advanced packaging becoming a key profit driver, not just a cost center. Validates margin contribution from packaging. | Positive — CoWoS as margin contributor strengthens bull thesis |
| May 8 | April Revenue: NT$410.7B (+17.5% YoY) — 2nd Highest Month Ever | Slowest YoY growth in ~6 months, but strong absolute level. In-line with Q2 guidance midpoint run-rate. | Neutral — deceleration reflects tough comp (Apr 2025 was strong), not demand weakness |
| May 12 | Board Approves $20B Capital Injection into Arizona Subsidiary | Massive funding commitment for US expansion. Signals confidence in Arizona economics and demand outlook. | Positive — Arizona commitment deepens US positioning and tariff hedge |
| May 16 | Japan Fab (JASM/Kumamoto) Posts First Quarterly Profit | NT$951M profit in Q1 2026 after NT$1.39B loss in Q4 2025. Turnaround validates Japan economics. | Positive — neutralizes overseas fab dilution bear argument |
| May 19 | Arizona Fab Posts $514M Profit; Q1 Alone Exceeds Full-Year 2025 | Yields reportedly surpass Hsinchu by 4 percentage points. Shatters narrative that overseas fabs can't be profitable. | Strongly Positive — transforms Arizona from margin headwind to contributor narrative |
| May 27 | TSMC Planning 15% Price Hike on 3nm in H2 2026; Further 5-10% in 2027 | Strong pricing power driven by AI/ASIC demand. Direct gross margin tailwind starting Q3-Q4 2026. | Strongly Positive — direct margin catalyst; validates structural pricing power |
| Jun 1 | TSM Surges >5% to Record High; Market Cap Exceeds $2.28T | Catalyzed by NVIDIA new AI chip launch and expected 3nm price hikes. 6th most valuable company globally. | Positive — market endorsement of structural growth thesis |
| Jun 3 | Broadcom Reports FQ2: Revenue $22.2B (+48% YoY); Guides FQ3 $29.4B (+84%) | Freshest AI/DC read-through ahead of TSMC. Custom ASIC demand (Google TPU, Meta MTIA) validating AI silicon spend. | Strongly Positive — hyperscaler AI demand re-acceleration confirmed |
| Jun 4 | C.C. Wei at AGM: Supply Shortage Will Last "Years"; >30% Growth Reiterated | Strongest supply constraint language to date. Pricing discipline confirmed. Robotics and autonomous driving flagged as new growth drivers. | Strongly Positive — multi-year demand visibility; structural supply-demand gap reinforced |
| Jun 5 | WSTS Forecasts Global Semiconductor Market at $1.51T in 2026 | +90% YoY driven by memory surge. TSMC positioned as primary beneficiary of logic/advanced node demand. | Positive — rising tide for the industry; TSMC captures outsized share |
Key Newsflow Takeaway
Since the Q1 2026 earnings call, the news flow has been overwhelmingly positive. The biggest surprises were overseas fab profitability (Arizona Fab 1 yields exceeding Taiwan, Japan turning profitable) and the aggressive 15% 3nm pricing posture. Broadcom's June 3 report with a $29.4B Q3 guide (+84% YoY) is the freshest validation of AI demand heading into TSMC's print. Wei's June 4 AGM comment that supply shortage will last "years" is the strongest demand signal in the current AI cycle. No material negative developments.
| Quarter | Date | Rev Actual | Rev Beat % | EPS Actual | EPS Beat % | Signal |
|---|---|---|---|---|---|---|
| Q2 2023 | Jul 20, 2023 | $15.68B | +0.5% | NT$7.01 | +5.4% | BEAT |
| Q3 2023 | Oct 19, 2023 | $17.28B | +1.1% | NT$8.14 | +10.3% | BEAT |
| Q4 2023 | Jan 18, 2024 | $19.62B | +1.1% | NT$9.21 | +5.9% | BEAT |
| Q1 2024 | Apr 18, 2024 | $18.87B | +1.5% | NT$8.70 | +7.8% | BEAT |
| Q2 2024 | Jul 18, 2024 | $20.82B | +3.6% | NT$9.56 | +18.5% | BEAT |
| Q3 2024 | Oct 17, 2024 | $23.50B | +2.2% | NT$12.54 | +11.6% | BEAT |
| Q4 2024 | Jan 16, 2025 | $26.88B | +3.8% | NT$14.45 | +16.5% | BEAT |
| Q1 2025 | Apr 17, 2025 | $25.53B | +0.5% | NT$13.94 | +2.3% | BEAT |
| Q2 2025 | Jul 17, 2025 | $30.07B | +4.4% | NT$15.36 | +8.9% | BEAT |
| Q3 2025 | Oct 16, 2025 | $33.10B | +1.8% | NT$17.44 | +11.2% | BEAT |
| Q4 2025 | Jan 15, 2026 | $33.73B | +1.9% | NT$19.50 | +11.4% | BEAT |
| Q1 2026 | Apr 16, 2026 | $35.90B | +3.5% | NT$22.08 | +5.7% | BEAT |
| Q2 2026E | Jul 16, 2026 | $40.1B cons. | TBD | $3.78 cons. | TBD | PENDING |
Beat Magnitude Visual
Q2'23 Rev +0.5% EPS +5.4% | █████░░░░░░░░░░░░░░░
Q3'23 Rev +1.1% EPS +10.3% | ██████████░░░░░░░░░░
Q4'23 Rev +1.1% EPS +5.9% | ██████░░░░░░░░░░░░░░
Q1'24 Rev +1.5% EPS +7.8% | ████████░░░░░░░░░░░░
Q2'24 Rev +3.6% EPS +18.5% | ██████████████████░░
Q3'24 Rev +2.2% EPS +11.6% | ████████████░░░░░░░░
Q4'24 Rev +3.8% EPS +16.5% | █████████████████░░░
Q1'25 Rev +0.5% EPS +2.3% | ██░░░░░░░░░░░░░░░░░░
Q2'25 Rev +4.4% EPS +8.9% | █████████░░░░░░░░░░░
Q3'25 Rev +1.8% EPS +11.2% | ███████████░░░░░░░░░
Q4'25 Rev +1.9% EPS +11.4% | ███████████░░░░░░░░░
Q1'26 Rev +3.5% EPS +5.7% | ██████░░░░░░░░░░░░░░
12Q Revenue Beat Avg: +2.2% | 12Q EPS Beat Avg: +9.6% | Pattern: 12/12 Consecutive Beats
| Statistic | Value |
|---|---|
| Beat Rate (Revenue & EPS) | 12/12 (100%) |
| Average Revenue Beat % | +2.2% |
| Average EPS Beat % | +9.6% |
| Last 4Q Revenue Beat Avg | +2.9% |
| Last 4Q EPS Beat Avg | +9.3% |
| Smallest EPS Beat | +2.3% (Q1 2025) |
| Largest EPS Beat | +18.5% (Q2 2024) |
| Revenue/EPS Beat Multiplier | 4.4x (revenue beats amplified to EPS via margin leverage) |
| Q2 2026 Implied Beat Scenarios | Implied EPS |
|---|---|
| +5% beat (low end of recent range) | ~$3.97 |
| +9.6% beat (12Q historical avg) | ~$4.14 |
| +12% beat (recent strong quarters) | ~$4.23 |
| +18.5% beat (Q2 2024 repeat) | ~$4.48 |
| Consensus used: $3.78/ADR |
Bottom Line: TSMC is the Highest-Quality Beat Machine in Large-Cap Semiconductors
100% beat rate over 12 consecutive quarters on both revenue and EPS. Revenue beats average +2.2% and EPS beats average +9.6%, with a 4.4x amplification from revenue to EPS via operating leverage and systematic margin outperformance. The setup entering July 16 is overwhelmingly positive: peak bullish management tone, hyperscaler CapEx at $725B (+77% YoY), overseas fabs now profitable, 15% 3nm price hike incoming, and Wei saying supply shortage will last "years." The question is not whether TSMC beats — it's by how much, and whether Q3 guidance triggers another leg higher. The biggest risk is that expectations are already very high (stock at $422, near 52-week highs), leaving limited room for upside surprise in the stock.
All EPS figures are TSMC ADR diluted USD EPS unless noted as NT$. Revenue in USD unless noted. Consensus estimates from Zacks, TipRanks, StockAnalysis. Preview generated June 5, 2026.