TSMC beat every number and raised its outlook. Netflix's numbers were basically fine too. Both stocks got hit today anyway, for opposite reasons.

TSMC posted record profit, up 77% year over year, beat on revenue and margins, and raised its full-year growth guidance to over 40%. The stock still fell, because they also raised spending plans significantly, and investors read that as near-term margin pressure even though the demand behind it has never looked stronger. Netflix basically met expectations, a tiny EPS beat, revenue a hair light. The stock dropped almost 9% and hit a new 52-week low anyway, on weaker forward guidance and a growth rate that keeps slowing down. It was already down over 20% for the year before today. Two completely different stories. One company is being punished for spending too aggressively on future growth. The other is being punished for not growing fast enough. Same day, same outcome. Which kind of guidance would actually worry you more as an investor: a company spending heavily to keep up with demand, or one that's just running out of growth?