Taiwan monthly revenue · September 2026 — The Quarter Closed on the Tread. The Module Houses Filed Price and Shipped Less.

The month, stated plainly

For September 2026 the exchange feeds carry 1,967 filings, summing to NT$6,599.6B, up 46.8% on September 2025 and 8.6% on August. The semiconductor group, the 207 companies the exchanges classify under 半導體業, filed NT$1,018.3B (US$31.6B), up 58.9% on the year and 0.3% on the month.

That 0.3% is the month. In August the group grew 8.5% on July, and in September it stood still while the whole listed sheet grew 8.6%, which means the September growth in Taipei came from outside semiconductors, mostly from the assemblers and the distributors further down this page.

TSMC is NT$511.9B of the group, 50.3%, and it fell 0.6% on the month, so the other 206 filed NT$506.5B, up 63.4% on the year and 1.2% on the month, and inside them the twelve memory names filed NT$150.2B (US$4.7B), up 314.3% on the year and 1.3% on the month: 14.7% of the group’s revenue, 30.2% of its year-on-year dollar growth, and 58.0% of that growth once TSMC is set aside. The 194 companies that are neither memory nor TSMC grew 30.2% on the year.

Against the August edition the sheet moved in one direction. The group’s year-on-year rate went from 64.3% to 58.9%, the memory basket’s from 357.8% to 314.3%, and the count of semiconductor companies shrinking on the year went from 30 to 49. Still growing. Less.

Memory fabs: the tread held

The Winbond deep dive set out the staircase, quarterly contracts that put the riser in the first month of a quarter and the tread in the next two. July was the riser, August and September were the tread, and the three Taiwan-listed memory fabs filed NT$81.7B in September, up 2.0% on the month and 367.2% on the year.

Nanya filed NT$45.1B, up 0.9% on August and 576.6% on the year, and filed the reason it filed last month, reflecting growth in market demand. Its July, August and September sum to NT$133.65B against a Q2 of NT$82.549B, 61.9% more than the prior quarter, with most of the step taken in July.

Winbond filed NT$28.2B, up 3.4% on the month and 256.7% on the year, reflecting market supply and demand; its quarter sums to NT$82.33B against a Q2 of NT$59.843B, up 37.6%. Macronix filed NT$8.4B, up 2.7% on the month and 188.2% on the year, reflecting growth in market demand, the same words as Nanya.

The two DRAM and NAND fabless names went opposite ways on the month: ESMT down 5.6% and AP Memory up 15.3%. The fabs filed demand. None filed a price, a bit count or a contract term, so the sheet confirms the tread and says nothing about what October’s contracts were signed at.

Controllers and module brands: price, and fewer of something

Phison filed NT$30.6B, up 8.4% on the month and 370.3% on the year, and filed total shipments and average selling price both increased. It is the only memory name on the sheet this month that filed volume as well as price, which makes it the one filing on the page that says bits moved alongside the price. ASolid filed NT$0.1B, up 2.4% on the month and 7.7% on the year, with no reason, and Alcor Micro, outside the focus list, fell 66.8% on the month.

The tell is ADATA. It filed NT$15.7B, down 16.9% on August and up 199.9% on the year, and the reason it filed is memory selling prices rose. If the price filing is right, a company whose prices rose and whose revenue fell by a sixth sold fewer units. The filing does not say so.

The other three filed the same three words, market prices rose, and grew. Transcend filed NT$6.0B, up 24.8% on the month and 290.4% on the year, which answers the question the August edition left open about its 6.9% decline: it was a month. Team Group filed NT$4.1B, up 16.2% on the month and 109.7% on the year, and Apacer filed NT$3.0B, up 7.6% on the month and 157.7% on the year.

Taken together the four module brands filed NT$28.8B, down 4.0% on the month, with ADATA, the largest, supplying more than the whole decline. ADATA’s July-to-September quarter sums to NT$53.03B against a Q2 of NT$38.143B, up 39.0%, and Team Group’s to NT$10.14B against NT$7.588B, up 33.6%. What the monthly sheet cannot say is whether ADATA held back inventory to sell into October’s contracts or could not buy the chips. Both fit the number.

The OEMs: the AI-server ODMs gave back part of August

The OEMs and ODMs are the customer sheet for the memory names, and in September they filed NT$2,577.2B, up 11.4% on the month and 54.5% on the year, 39.1% of everything listed in Taipei. Read as one number it is a strong month for the companies that buy the memory, and read as its parts it is two different months that happen to sum to a strong one.

The three ODMs whose revenue is now mostly AI servers fell together. Quanta filed NT$325.3B, down 23.3% on the month and up 76.7% on the year, and filed product mix changed (tkal translation). Wistron, which went up 49.3% in August, filed NT$380.8B, down 17.2% on the month and up 87.2% on the year, and filed mainly increased customer demand, growth on the same period last year. Wiwynn rose against the other two: NT$172.6B, up 19.6% on the month and 100.0% on the year, on mainly strong customer demand. As a trio they filed NT$878.73B, down 14.5% on the month and up 85.4% on the year.

Hon Hai, the sheet’s largest company, filed NT$1,158.6B, up 25.7% on the month and 38.4% on the year, and this month it filed no reason at all, where in August it filed server shipment growth. Pegatron, outside the focus list, rose 143.2% on the month and filed mainly customer shipment plans.

The two PC brands filed without reasons: Acer filed NT$34.7B, up 15.1% on the month and 17.6% on the year, and ASUS filed NT$97.2B, up 2.4% on the month and 17.7% on the year. Both grew less than a fifth on the year, against more than 300% for the memory they buy, and neither filing says what that did to their margins.

Foundry: TSMC flat on the month

TSMC filed NT$511.9B (US$15.9B), down 0.6% on August and up 54.6% on the year, with its standing reason, demand for advanced-node products increased. The quarter sums to NT$1,494.24B and the year to date is NT$3,898.73B, up 41.1%. It supplied 47.9% of the group’s year-on-year dollar growth by itself.

Powerchip again filed the price increase, customer demand rose, volumes increased, and selling prices were raised, up 94.0% on the year. UMC and Vanguard filed nothing. Packaging and test grew 5.6% on the month, ASE up 7.2%, and the ASIC houses stayed on the fab’s clock, Alchip up 496.0% on the year and filing more products entered volume production, while MediaTek grew 2.0% on the year and fell 13.7% on the month.

Distributors: WPG up half in a month

The three distributors filed NT$450.6B, up 27.2% on the month and 92.0% on the year. WPG filed NT$219.6B, up 54.4% on August and 146.5% on the year, and its filed reason is the longest on the sheet: the global build-out of technology and energy facilities drove semiconductor and component demand, automotive and industrial demand advanced steadily, and smart-warehousing and IT-integration services grew alongside (tkal translation).

WT Microelectronics filed NT$215.9B, up 8.8% on the month and 60.0% on the year, mainly benefiting from year-on-year growth in communications, data center, industrial and automotive applications (tkal translation). EDOM filed NT$15.1B, up 11.4% on the month and 41.9% on the year, and filed no reason. A distributor growing 54.4% in a month while the semiconductor group grew 0.3% is a gap the filings do not explain. Which suppliers’ product moved, WPG does not say.

Where the cycle has not arrived

Forty-nine of the 207 semiconductor companies fell on the year, up from 30 in August, and the largest of them is Sino-American Silicon at NT$7.2B, down 5.6%. In August every decliner filed under NT$1B, and in September four companies above NT$1B are shrinking, led by GlobalWafers at 13.1%. Raw silicon is still the part of the chain the cycle has not reached.

What settles it

The August edition said September would settle two things. Transcend’s decline was a month, and it grew 24.8% in September on the same filed reason it gave in August. The memory fabs’ tread held: the five fab and fabless memory makers filed NT$90.36B in September against NT$89.08B in August, up 1.43%.

The October filings are due November 10 and are the riser, if the staircase is real. Wrong if the five memory makers file October revenue less than 10% above September’s NT$90.36B, that is below NT$99.40B. A second test runs alongside it: if ADATA files October revenue still below its August NT$18.93B while again filing that prices rose, the module brands are shipping fewer bits into a rising price, and that is a supply read, not a demand one.

This edition restates public filings and identifies where they agree and where they cannot answer. It does not identify transactions.