TSMC(US:TSM) Jin Rong Jie·2026-01-16 02:48Core Viewpoint - Goldman Sachs raised TSMC's target price from NT$2,330 to NT$2,600, indicating that a gross margin of over 60% may become the new normal even in a high-cost environment [1] Group 1: Financial Performance - TSMC's capital expenditure is entering an upward cycle, with guidance for this year set at US$52 billion to US$56 billion, exceeding market expectations [1] - Advanced packaging is evolving into another growth engine for TSMC, with CoWoS revenue expected to grow by 102.5% and 81.2% year-on-year in 2026 and 2027, respectively [1] Group 2: Market Dynamics - TSMC's management indicated that the AI-driven supply-demand imbalance remains unresolved, with advanced process capacity still limited [1] - Goldman Sachs reinforced its view that the supply-demand gap may persist until 2027 [1]