TSMC(US:TSM) Zheng Quan Shi Bao·2026-01-08 14:56Group 1: Samsung Electronics - Samsung Electronics reported a record operating profit of 20 trillion KRW (approximately 96.5 billion RMB) for Q4 2025, marking a significant year-on-year increase of 208%, exceeding market expectations [2][4] - The company's Q4 sales rose by 23% year-on-year to 93 trillion KRW, continuing a trend of quarterly sales surpassing 80 trillion KRW for two consecutive quarters [2] - The surge in performance is attributed to supply constraints and increased demand driven by AI, leading to higher prices for traditional memory chips, with DRAM prices rising over 30% and NAND flash prices increasing by about 20% [2][3] Group 2: Market Trends and Predictions - Analysts predict that the price of DDR5 memory will continue to rise, with a forecasted increase of 40% in Q1 2026 and an additional 20% in Q2 2026 [2] - The shift towards AI-related chip production is causing a squeeze on traditional memory chip capacity, while demand for both traditional and high-end chips is surging due to AI model training and operation [3] - Samsung's advancements in high-bandwidth memory (HBM) are exceeding market expectations, with anticipated HBM4 shipments expected to double in 2026 [3][4] Group 3: TSMC Developments - TSMC is experiencing high demand for its 3nm process technology, which remains in short supply, leading to a temporary halt in new 3nm project launches [5][6] - TSMC's 2nm process is projected to achieve a wafer production capacity 1.5 times that of the 3nm process, with expectations to capture over 95% of the global AI accelerator market [6] - The company plans aggressive production targets, aiming for a monthly wafer capacity of 140,000 for the 2nm process by the end of 2026, driven by strong demand from AI data centers [6] Group 4: Financial Outlook - Morgan Stanley forecasts a 30% year-on-year revenue growth for TSMC in 2026, with continued growth of over 20% in 2027, primarily fueled by AI data center demand [6] - The compound annual growth rate (CAGR) for AI revenue in data centers has been revised upward from 53% to 57%, with expectations that AI business will account for over 40% of TSMC's total revenue by 2029 [6]