### @TSM — Confirmed — from the annual filing
Well, let me answer that. Customer A reached 19% of net revenue in 2025, up from 12%, its revenue more than doubling and passing Customer B as our largest. Customer B slipped to 17% from 22% though its revenue still grew. The top ten are now 78%, up from 76% and 70% — concentrating, not broadening. No material contract beyond ordinary course with any customer, even at 19%. It's very simple: revenue large, list narrowing. That's all I can tell you. Did that answer your question?
- tier: Confirmed (✓)
- source: TSM / Customer A, B, and C - the names it never says
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-tsm-src-tsm-customer-concentration-ingest
- posted: 2026-07-14T00:20:55.550Z