TSMC(US:TSM) Jing Ji Ri Bao·2026-01-15 23:36Core Viewpoint - TSMC's expected capital expenditure for the year is projected to reach a record high of $52-56 billion, significantly exceeding previous estimates of $45-50 billion, indicating strong demand and growth potential in the semiconductor industry [1][2] Group 1: Capital Expenditure - TSMC's capital expenditure for 2024 is estimated at $29.8 billion, with $40.9 billion for 2025, and a forecast of $52-56 billion for 2026, representing an annual increase of approximately 27-36.9% [1] - Approximately 70-80% of this year's capital expenditure will be allocated to advanced process technology, with around 10% for special process technology, and another 10-20% for advanced packaging, testing, photomask production, and other projects [1] Group 2: Customer Support and Growth - TSMC emphasizes its primary responsibility is to support customer growth, having invested $167 billion in capital expenditures and $30 billion in R&D over the past five years [2] - The company plans to continue investing in cutting-edge, special, and advanced packaging technologies to ensure sustainable returns and support customer growth [2] Group 3: Cost Challenges - The rising costs associated with advanced processes and manufacturing complexities present challenges, with equipment costs becoming more expensive and the capital expenditure for the 2nm process significantly higher than for the 3nm process [2] - Additional cost challenges arise from global manufacturing footprint expansion, new investments in special process technologies, and inflationary pressures [2]