TSMC(US:TSM) Guan Cha Zhe Wang·2025-06-04 05:53Group 1 - TSMC's 2nm process yield for memory products has surpassed 90%, indicating significant manufacturing efficiency [1] - TSMC is targeting orders from major US tech companies such as Nvidia, Apple, Qualcomm, AMD, and Broadcom, with expectations of reaching full capacity utilization soon [1] - The Arizona facility is currently producing N4 chips, corresponding to 5nm and 4nm technologies, with Nvidia's AI chips undergoing process validation and expected to start production by the end of this year [1] Group 2 - TSMC's 2nm wafer production is projected to reach four times the volume of the previous year's 5nm production, reflecting strong demand [2] - Major clients like Apple, MediaTek, Qualcomm, and AMD are planning to utilize TSMC's 2nm process for their next-generation chips, which is expected to drive revenue growth [2] - Analysts predict TSMC's revenue growth of 26.3% and 14.1% for 2025 and 2026, respectively, with advanced process nodes below 7nm increasing from 68.8% in 2024 to 79.3% in 2026 [2] Group 3 - In advanced packaging, TSMC's CoWoS shipments are expected to increase from 585,000 units in 2026 to 923,000 units, with capacity rising from 660,000 to 1,000,000 units, representing year-on-year growth of 52% and 58% [3] - Despite currency fluctuations affecting profit expectations for 2025-2027, TSMC's revenue is still anticipated to grow by approximately 25% in 2025 [3]