The busiest earnings week for Asian companies is delivering a split-screen moment for investors. On one side: AI demand so strong it’s pushing semiconductor revenues up by double digits. On the other: a Chinese consumer who still isn’t showing up the way bulls were hoping.
TSMC keeps printing money on AI demand
Taiwan Semiconductor Manufacturing Company reported July 2026 revenue of NT$467.58 billion, roughly $14.5B, representing a 44.7% year-over-year increase. High-performance computing, the category that encompasses AI chip production, accounted for 66% of TSMC’s second-quarter revenue.
JD.com and Alibaba tell two different stories about China
JD.com released its second-quarter 2026 results on August 13, posting net revenues of RMB 346.4 billion, approximately $51.1B. That’s a 2.9% year-over-year decline, which sounds bad until you learn it beat analyst estimates. Non-GAAP net income climbed 21% to RMB 8.9 billion, suggesting the company is getting leaner even as the top line shrinks.
