TSMC(US:TSM) Ge Long Hui·2026-01-28 06:11Group 1 - TSMC's capital expenditure guidance for this year is surprisingly high at $52 billion to $56 billion, primarily due to a higher-than-expected proportion of spending on new factory construction [1] - The amount of unfinished projects remains high, indicating that the ramp-up of capacity is slower than anticipated, while spending on land and infrastructure is accelerating [1] - The supply-demand balance is not expected to change significantly in the next two years [1] Group 2 - TSMC's pricing improvements and gross margin enhancements have led to a 14% and 19% upward revision in earnings per share forecasts for this year and next year, respectively [1] - The target price for TSMC has been raised from 2,000 New Taiwan Dollars to 3,030 New Taiwan Dollars, aligning the target price-to-earnings ratio closer to that of NVIDIA [1]