TNB Tech Minute: TSMC Reports Slowest Sales Since Early 2024

Summary

WSJ Tech News Briefing

Episode: TNB Tech Minute: TSMC Reports Slowest Sales Since Early 2024
Date: November 10, 2025
Host: Julie Chang

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Episode Overview

This Tech Minute delivers critical updates on the semiconductor industry, e-commerce earnings, and the growing concerns over the energy impact of AI expansion. The episode zeroes in on TSMC’s latest financial results as an indicator of global tech market trends, highlights Instacart’s robust performance, and discusses political scrutiny over AI-driven electricity demand spikes.

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Key Discussion Points & Insights

1. Quantum Computing’s Transformational Potential

Guest: Katie Pizzolato, Vice President, IBM Quantum Platform

• Katie discusses the ongoing excitement in the quantum computing space, focusing on unknown future applications and the broad range of industries likely to benefit.

• Highlights the parallel between the current moment in quantum technology and the dawn of classical computing.

• Key potential: Enhanced efficiency in drug development, materials science, and optimization tasks.

  "We don't know yet. It's very exciting to think about where we all sat at the dawn of classical computation and not to ever imagine where we are today. But we know that quantum computers are poised to accelerate time and cost efficiencies in... fields like drug development, materials discovery, optimization, things that impact all industries."
  — Katie Pizzolato (00:06)

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2. TSMC Earnings – Is AI Demand Slowing?

Host: Julie Chang

• TSMC, the world’s largest contract chipmaker, reported 17% sales growth last month versus a year earlier—its slowest expansion since February 2024.

• Despite this slowdown, industry analysts caution against interpreting the result as a sign of weakening AI demand.

• The company’s financial health is seen as a bellwether for tech industry trends, especially in AI.

  "It marks the slowest expansion for the company since February 2024. However, analysts say it would be premature to take that as a sign that demand for AI is weakening."
  — Julie Chang (00:32)

• Talk of an "AI bubble" continues, but analysts note that current high valuations remain justified by solid earnings and capital spending, all funded by free cash flow.

  "...current valuations are supported by resilient earnings and capital expenditure is funded by free cash flow."
  — Julie Chang (00:45)

Timestamps:

• TSMC sales report discussion: 00:32–00:50
• AI demand & market outlook: 00:50–01:00

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3. Instacart’s Revenue Surge

• Instacart posted stronger-than-expected third quarter results:

  • Net income: $144 million (up from $118 million last year)
  • Revenue: $939 million (beat Wall Street expectations)
  • Total orders grew 14% YoY, gross transaction value up 10%

  "Instacart said its total orders grew 14% year over year, while its gross transaction value increased 10%." — Julie Chang (01:10)

Timestamps:

• Instacart Q3 results: 01:00–01:20

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4. AI Data Centers and Higher Electric Bills – Political Pressure Mounts

• Breaking news: A faction of Democratic senators, including Bernie Sanders and Richard Blumenthal, are pressing the White House about rising electric bills, which they partly attribute to the AI boom and increased data center construction.

• The senators' letter specifically seeks details on how the administration will address cost and infrastructure impacts as tech giants (Meta, OpenAI, Alphabet, Oracle) expand data servers.

• The Labor Department reports a 5.1% annual rise in Americans' electric bills.

  "...a group of Democratic senators are demanding the White House answer for higher electric bills. They blamed in part on the AI boom."
  — Julie Chang (01:25)

  "The group took aim at Meta, OpenAI, Alphabet, Oracle and other firms behind a data center buildout stretching from the Washington suburbs to rural Oregon."
  — Julie Chang (01:40)

Timestamps:

• Announcement of senators' letter: 01:20
• Companies and regions named: 01:35–01:45
• Power bill statistic: 01:50

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5. Preview for Next Episode

• Listeners are invited to tune in tomorrow for a deeper exploration of the surge in electricity prices related to tech infrastructure.

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Notable Quotes

• Katie Pizzolato (IBM Quantum):
  “We don't know yet. It's very exciting to think about where we all sat at the dawn of classical computation and not to ever imagine where we are today.” (00:06)

• Julie Chang (on TSMC):
  “It marks the slowest expansion for the company since February 2024. However, analysts say it would be premature to take that as a sign that demand for AI is weakening.” (00:32)

• Julie Chang (on Senatorial action):
  "A group of Democratic senators are demanding the White House answer for higher electric bills. They blamed in part on the AI boom." (01:25)

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Memorable Moments

• Juxtaposition of TSMC's slower (but still robust) growth with industry anxiety over an “AI bubble,” countered by analysts’ reassurances.
• The political challenge over AI's hidden costs comes alive, with bipartisan noise now focusing on the infrastructure and energy demands of the tech sector.

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Conclusion

This episode spotlights the intersections of technology innovation, market realities, and policy pressure. Listeners gain insight into chip industry trends, e-commerce resilience, and the societal costs of AI advancement, setting the stage for deeper coverage of tech’s energy footprint in upcoming episodes.

Transcript

[A]

Where can quantum computing be explored most effectively? Katie Pizzolato, Vice President, IBM Quantum Platform.

[B]

Explains, Personally, I'm most excited about the potential applications. We don't know yet. It's very exciting to think about where we all sat at the dawn of classical computation and not to ever imagine where we are today. But we know that quantum computers are poised to accelerate time and cost efficiencies in really important fields like drug development, materials discovery, optimization, things that impact all industries.

[A]

Here's your afternoon TNB Tech minute for Monday, November 10th. I'm Julie Chang for the Wall Street Journal. In earnings, TSMC has reported sales grew 17% last month from a year earlier. It marks the slowest expansion for the company since February 2024. However, analysts say it would be premature to take that as a sign that demand for AI is weakening. TSMC is the world's largest chip contract maker, and its sales are seen as a bellwether of industry trends. Pour billions into AI Some have been growing nervous about the risk of a bubble, but analysts say current valuations are supported by resilient earnings and capital expenditure is funded by free cash flow. Meanwhile, Instacart has reported higher third quarter revenue and profit as demand for grocery delivery continued to grow. The company reported net income of $144 million, up from $118 million the year before. Revenue rose to $939 million, surpassing WA expectations. Instacart said its total orders grew 14% year over year, while its gross transaction value increased 10%. And we are exclusively reporting that a group of Democratic senators are demanding the White House answer for higher electric bills. They blamed in part on the AI boom. In a letter, Senator Bernie Sanders, Senator Richard Blumenthal and others called on the administration to share how it plans to mitigate price impacts and more from data centers needed to train and run AI applications. The group took aim at Meta, OpenAI, Alphabet, Oracle and other firms behind a data center buildout stretching from the Washington suburbs to rural Oregon. The Labor Department estimated Americans electric bills in September jumped 5.1% from a year earlier. Tune in to tomorrow's Tech News Briefing podcast for a deeper dive into increased power prices.

[C]

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