AI订单强劲驱动，台积电订单能见度已看至2028年

Core Viewpoint - TSMC is expected to see significant growth in AI-related revenue, driven by orders from major clients like Nvidia, AMD, and Broadcom, with projections indicating a potential breakthrough of NT$1 trillion in revenue this year and continued growth into 2026 [1] Group 1: AI Revenue Growth - TSMC's AI-related revenue is projected to reach between $28 billion and $33 billion this year, representing multiple growth compared to last year, and accounting for approximately 23% to 28% of total revenue [1] - In 2024, TSMC anticipates its AI-related revenue will surpass $10 billion for the first time, marking a new operational milestone [1] - By 2026, AI-related revenue is expected to exceed $40 billion, solidifying TSMC's position above NT$1 trillion, reaching approximately NT$1.24 trillion [1] Group 2: Advanced Process Capacity and Client Demand - TSMC's clients are strategically reserving capacity for advanced processes below 3nm, driven by the AI arms race, with order visibility extending to 2028 [2] - The company collaborates closely with over 500 different clients, with project initiation timelines needing to be advanced by two to three years due to increasing process complexity [2] - TSMC defines AI-related demand to include AI accelerators for data centers, such as AI GPUs and AI ASICs, and anticipates that revenue from AI accelerators will double by 2025 [2] Group 3: Technological Advancements - TSMC's most advanced 2nm process has commenced production as scheduled, with expectations for rapid growth in 2026 driven by smartphone, high-performance computing, and AI applications [2]