ASML and Taiwan Semiconductor Manufacturing Co. are approaching earnings with investors focused on market reactions rather than only the companies’ recent results. Both chipmakers have delivered strong quarters, yet their shares weakened afterward, raising questions about whether semiconductor earnings can again drive stock gains as expectations reset. ASML supplies lithography equipment, while TSM operates as a major semiconductor foundry, giving the companies a view further up the chip supply chain. Awad said investors may examine spending plans from large cloud companies for 2027, along with whether AI costs are declining. Lower prices for some AI models and discounts offered by major providers could influence infrastructure spending. ASML is scheduled to report third-quarter results on Oct. 14, followed by TSM on Oct. 15. Awad said the market reactions could provide clues about how investors are assessing AI-related demand heading into 2027. The GuruFocus article also says it detected four warning signs with NVDA and promotes a free DCF calculator for testing whether TSM is fairly valued.